G20 Leaders Seek Global Framework to Regulate Crypto
BITmarkets Team
May 10, 2023
Crypto investors may land themselves in trouble amid a push by G20 presided by India to regulate cryptocurrencies. India’s G20 presidency that will end November 30, 2023, leaves roughly seven months for the group of 20 nations to carve out blanket crypto reforms that could be implemented across jurisdictions.
The G20 — an intergovernmental body comprising 19 countries and the European Union — is looking to develop “a common framework” for helping to address the risks associated with cryptocurrency investments.
Under India’s presidency, the G20 called for coordinated global crypto policies — a vision put forth by the country’s finance minister, Nirmala Sitharaman.
Speaking at the Peterson Institute for International Economics in Washington DC, she reiterated: “Cryptocurrencies are a very important part of the discussion under the G20 India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter.”
In contrast to this stated mission, the previously struggling economy of El Salvador showcased the importance of a digital asset like Bitcoin in reducing the impact of hyperinflation and dependence on the U.S. dollar.
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