Global crypto regulations near realisation under India's leadership
G20 nears historic global crypto regulations with India's leadership, backed by insights from the exclusive Chatham House roundtable
Image: OLIVIER DOULIERY/Pool via REUTERS
In a significant advancement, the G20 nations, under India's presidency, stand at the brink of finalising unprecedented global crypto regulations. This historic move is expected to come to fruition ahead of the upcoming G20 Leaders' Summit in September.
The exclusive roundtable, conducted under Chatham House rules and hosted by India, marked the completion of India's G20 presidency. While the details of the session remained confidential, insiders revealed insights into the discourse, spotlighting the call for a unified approach to crypto regulation.
During the deliberations, International Monetary Fund (IMF) Managing Director Kristalina Georgieva drew a thought-provoking analogy. As CoinDesk reported, she likened the nature of crypto to water, suggesting that attempting to quell it from one direction would only lead it to find alternative outlets, mirroring the challenges of overseeing this dynamic industry.
These confidential talks had a direct impact on India's crypto plans. India had intended to present its presidential note on crypto regulations, outlining a roadmap and demonstrating its role in shaping the sector. However, fellow G20 members expressed concerns, stating that as the current G20 president, India should consult with member nations before issuing such documents.
India eventually released the presidency note on August 1, after comprehensive deliberations lasting nearly two weeks. This document officially articulates India's recommendations for fostering global coordination in crypto regulation.
