Nirmala Sitharaman Partakes in G20 Cryptocurrency Regulation Talks

G20 cryptocurrency regulations talks have been a recurring. The motto of this platform is to govern the global financial system.

India has been elected to the G20 presidency in 2023. The Group of 20 (G20) is a premier forum for international economic cooperation that plays a critical role in governing the global economy. G20 cryptocurrency regulation talks are happening in the presence of Nirmala Sitharaman, who stated on multiple occasions that India will push for global regulation of crypto assets to combat terror funding. Given the sophisticated technologies involved with virtual assets, countries must debate whether a particular regulation is required, according to Sitharaman. Narendra Modi’s Government has been deliberating for drafting a law to regulate or even ban cryptocurrencies for several years but has yet to make a final decision.

Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das will lead the overall finance track during India’s G20 presidency, beginning with the first meeting of finance ministers and central bank governors. There are several ways for regulators to protect consumers in the cryptocurrency industry. To prevent illegal activity, one approach requires cryptocurrency exchanges and other platforms to implement strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. Exchanges can also be required by regulators to maintain a minimum level of investment to guarantee that they have adequate resources to protect against losses.  Another crucial component of consumer protection in cryptocurrency regulation is providing consumers with clear and concise information to make them aware of the risks associated with investing in cryptocurrency, as well as the benefits of doing so.

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