According to Nirmala Sitharaman, India’s minister of finance, extensive conversations about creating a crypto global regulations are currently taking place under India’s G20 chairmanship.
On August 28, Indian Prime Minister Narendra Modi appealed for international cooperation among G20 members, which include 19 nations and the European Union, to develop crypto rules.
According to Modi, emergent technologies with a global impact, like cryptocurrency, should be backed with rules and a structure that is upheld globally.
At the Global Fintech Fest, Sitharaman stated that the G20 is working to create a global crypto regulations.
Sitharaman stated during the meeting that cryptocurrency was “a threat as well as an opportunity.” She emphasized the necessity of international collaboration to create a responsible financial environment that can successfully aid in the global regulation of cryptocurrencies.
She continued, “Global cooperation is vitally essential in an interconnected world, financial technology transcends borders, therefore making cross-border partnerships absolutely crucial.”
India and blockchain technology
Following the most recent job ad by the National Payments Corporation of India (NPCI), India’s growing interest in blockchain and cryptocurrency is more obvious. A head of blockchain is wanted by NPCI, an effort run by 247 Indian financial organizations and the Reserve Bank of India.
A seasoned technologist with at least six years of experience in creating and implementing blockchain will be the ideal candidate. This person’s main responsibility will be finding “avenues where blockchain-driven solutions can be used.”
India has repeatedly emphasized the need for global cooperation when it comes to financial security and stability ever since it assumed the G20 leadership in Q4 of 2022. However, the finance minister acknowledged that the G20 is collaborating on the eagerly awaited global crypto regulations.
About Kumo
Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.
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