G20 countries aim to develop global framework against crypto-related risks
The G20 — an intergovernmental forum comprising 19 countries and the European Union — has planned to develop a common framework for helping all countries deal with risks associated with cryptocurrency investments.
Under India’s presidency, G20 called for coordinated global crypto policies — a vision put forth by the country’s finance minister, Nirmala Sitharaman. However, with multiple ecosystem collapses impacting investors across the world, Sitharaman believed disparate reforms will not help address the global reach of cryptocurrencies.
Speaking at Peterson Institute for International Economics in Washington DC, she highlighted the numerous crypto collapses while revealing the need for a coordinated effort from all jurisdictions:
Moreover, Sitharaman also disclosed G20’s aim to bring together global economies to fight against debt destress and hyperinflation in smaller economies such as Sri Lanka and Ghana. In this regard, she said:
India’s G20 presidency will end on November 30, 2023, leaving behind roughly 7 months for the group of 20 nations to carve out blanket crypto reforms that could be implemented across jurisdictions.
On the other hand, previously struggling economy El Salvador showcased the importance of an asset like Bitcoin (BTC) in reducing the impact of hyperinflation and dependence on the US dollar.
Related: Crypto regulation is 1 of 8 planned priorities under India’s G20 presidency — Finance Minister
India’s home-grown payment network, the unified payments interface (UPI), is also on an expansion drive.
UPI goes Global!Since UPI was introduced as a payment system in India, it has revolutionised the lives of Indians, but in fact, India’s digital payment system is steadily becoming globally attractive
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