Regulation
Nirmala Sitharaman: A global understanding of how to regulate cryptocurrency is needed
Edited excerpts of Finance Minister Nirmala Sitharaman’s views on cryptocurrency regulation.
Q. Your government has been against cryptocurrency because it believes it is not a stable asset. RBI is on the same page. SEBI is believed to have told the Committee on Cryptocurrency Regulation that it should have more regulators. What’s the situation?
Even before the G20 and since 2020 we have discussed it at the Ministry of Finance. The RBI also has its opinion on this. We are very clear that there should be a global understanding on how to regulate cryptocurrencies.
This was discussed during the G20 under the Indian presidency. We brought in the IMF and the FSB. Well written documents were presented. There was a lot of discussion. I would like to walk the path of global understanding when everyone is on the same page.
Bringing regulation only within one country without a global understanding on a technology that tolerates no borders will not help.
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On cryptocurrency, no country could succeed, even if it wanted to.
Q. There is some confusion among regulators where one is against cryptocurrencies while the other talks about regulation…
No, these are opinions, there is nothing wrong with them. We haven’t reached the point yet where we say yes, this is what we want to do. At that stage, if there were differences between regulators, that would be a cause for concern. We are nowhere near that situation.