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India will Spearhead a Push for Worldwide Crypto Legislation to Combat Money Laundering

Indian Government Official Shared His Views on Crypto

Nirmala Sitharaman, India’s finance minister, suggested that India will use its next chairmanship of the G20 to advocate for global regulation of cryptocurrencies.

Sitharaman, while in the United States this week, said that India hopes to develop a regulatory framework to control the use of cryptocurrencies and other digital assets after leading an evaluation of work on virtual currency already undertaken by other G20 members, the International Monetary Fund and the World Bank.

Sitharaman and other G20 members know that bitcoin is being used to launder money and assist the global trade in illegal narcotics. Thus they agree that international regulation is needed.

South Korea, Japan, and Singapore are the only APAC countries that have debated or adopted cryptocurrency money laundering rules this year. The finance minister avoided negative connotations while discussing blockchain technology, the basis of cryptocurrencies.

How G20 Platform Works

Each year a different country takes the reins as president of the Group of Twenty (G20). That country uses its platform to advocate for issues that are both globally important and locally significant. While enhancing global health architecture and coordinating the switch to sustainable energy are priorities for the current G20 presidency, Indonesia’s digital transformation is one of its main focuses this year.

Retno L.P. Marsudi, Indonesia’s minister of foreign affairs, has urged the G20 to create a safe digital environment throughout the bloc to protect the economy and people and work toward closing the digital gap via means like more collaboration to increase digital literacy. Next month, the measures unveiled at the G20 conference will likely reflect these aims.

On December 1st, India will assume the presidency. The Ministry of Foreign Affairs has declared that the country’s priorities are being “firmed up” as of September.

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