Crypto News: The Indian government has always opted for the ”wait and watch” policy while framing the regulations around the emerging cryptocurrency industry. However, this time Nirmala Sitharaman, Finance Minister of India has asserted the need for an urgent consciousness around the issues related to crypto assets.
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Good News For Crypto In India?
According to reports, during a brainstorming session with G20 Finance Ministers and Central Bank governors, Indian Laymaker called for immediate attention and response to digital assets. She highlighted that G20 needs to ensure that they do not lose any possible benefits while preventing economies from harm.
Recognizing the G20’s outlook towards the International Monetary Fund (IMF) and the Financial Stability Board (FSB), she added that a synthesis paper that integrated the regulatory and macroeconomics of digital crypto assets is needed. This move is expected to bring out key segments of policy and regulatory framework. Read More Crypto News Here…
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This development comes in when global financial regulators are issuing advisories over crypto asset trading. While major watchdogs like U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) has pressed charges on several crypto asset and leader.
Reports suggest that the minister noted that there is consent built among the G20 Members to frame a well global coordinated policy to oversee crypto assets. However, this must include a full range of risks in the emerging market.
The global digital asset market recovering from the lows of 2022 managed to reclaim its $1 trillion mark cap this year. While Bitcoin, the largest crypto asset went to surge by 84% on the year to date (YTD) basis.
