G20 considers setting up joint regulations for cryptocurrencies

Indian Finance Minister, Nirmala Sitharaman, said Saturday that the G20 is studying the possibility of joint regulation of cryptocurrencies.

She added that given the advanced technologies associated with these digital assets, countries should discuss the need for specific regulations.

India chairs the G20 this year. Prime Minister Narendra Modi’s government has discussed for years drafting a law to regulate or even ban cryptocurrencies, but has not made a final decision.

“We are talking to all countries that if there is a need for regulation then one country cannot do something alone,” Sitharaman told reporters.

India is hosting a meeting of finance ministers and central bank governors of the G20 countries this month.