Nirmala Sitharaman, India’s Finance Minister, has emphasized the need for a universal agreement on cryptocurrency regulation to govern private digital assets effectively.

Sitharaman believes that to allow digital assets to operate freely, a coordinated approach is necessary, which should be agreed upon at the global level.

At an event held in Bengaluru, Sitharaman stated that no single country, acting alone, could effectively control technology-driven crypto assets as technology transcends borders. Sitharaman called for all countries to be on board for a regulatory framework to be effective.

India, as the G20 presidency for this year, has put forward the regulation of digital assets as a key agenda. By bringing this topic to the table, India is calling for worldwide cooperation to build a suitable cryptocurrency regulatory framework.

The International Monetary Fund (IMF) has released a report on the potential impact of private digital assets on macroeconomic stability.

The Financial Stability Board (FSB), established by the G20, has also issued a report on financial stability regarding decentralized finance and cryptocurrencies.

In September, India will host a meeting that will bring together G20 Presidents and Prime Ministers to tackle the subject of digital asset regulation. India aims to take the lead in addressing cryptocurrency difficulties and developing a regulatory framework for them.