G20 Summit Crypto Regulation & Nazara Secures ₹410 Crore from SBI MF

09 Sep, 2023

G20 Summit Crypto Regulation & Nazara Secures ₹410 Crore from SBI MF

As India prepares to host the prestigious G20 Summit, the spotlight is set to shine brightly on the realm of cryptocurrencies. It's anticipated that cryptocurrency regulation will be a central point of discussion among the global leaders, potentially laying the groundwork for a comprehensive international regulatory framework. This critical topic takes center stage in today's ETtech Top 5 news.

The G20 Leaders' summit, commencing soon, aims to deliberate on a blueprint and various essential components for coordinated actions concerning crypto assets. The ultimate goal is to establish a unified global regulatory framework for cryptocurrencies. The leaders will delve into a comprehensive paper meticulously prepared by the International Monetary Fund (IMF) and the Financial Stability Board at the request of G20 Finance Ministers and central bank governors, addressing overarching crypto asset regulation.

India has emerged as a staunch advocate for a universal regulatory framework on crypto assets during its G20 presidency. The belief is that cryptocurrencies cannot be effectively regulated by any single nation in isolation. Prime Minister Narendra Modi passionately advocated for such a framework at the recent B20 summit in New Delhi, emphasizing the need to address the concerns of all stakeholders. The IMF paper explores the challenges presented by these digital assets to monetary policy and capital flow management. India has also submitted its perspective on crypto assets during its presidency, and a government official has confirmed that leaders will make a final decision on the synthesis paper during the summit.

In a demonstration of digital prowess, the Indian government intends to credit up to ₹1,000 to the wallets created for all G20 delegates, showcasing its achievements in the digital realm, including Aadhaar, DigiLocker, and the Unified Payments Interface (UPI). This initiative allows delegates to utilize the funds for purchasing goods at the summit venue, further highlighting India's technological advancements.