India spearheads global crypto regulatory framework under G20 presidency
India assumed the presidency of the G20. India had already bolstered its international reputation with its vaccine diplomacy, by playing a constructive role in climate change discussions, and by being the fastest-growing economy. For its presidency, India adopted the ancient Sanskrit shloka «Vasudhaiva Kutumbakam,» signifying «One Earth, One Family, One Future,” as its theme.
This emphasises sustainable, responsible choices for both individuals and governments, aiming for a just and equitable world. With G20 summits crisscrossing India, transformative agendas, and championing the concerns of the often-overlooked Global South, India’s presidency has been memorable. The focus has consistently been on unified global action, and Crypto regulation emerged as a prime area for collaborative effort.
The writing is on the wall: individual nations attempting unilateral bans on the crypto industry would be counterproductive.
Kristalina Georgieva, the International Monetary Fund's Managing Director, reportedly drew an analogy between Crypto and water. She suggested that efforts to ban it would be futile as it would inevitably find its way, emphasising the need for a collective approach.
India's proactive role was evident during the third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting held in Gandhinagar, Gujarat. The focus was on a unified framework for crypto assets.
The input paper India presented to the G20 delineated three core principles. Firstly, it emphasised the mitigation of macroeconomic and financial stability risks that digital assets might usher in. Secondly, it accentuated the importance of investor protection and the necessity for comprehensive education in this domain.
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