A day after Indian Finance Minister Nirmala Sitharaman spoke about her plans to work on a tech-driven regulatory framework for crypto under the aegis of the G20, industry leaders offered mixed reactions to her remarks. .

Sitharaman spoke about crypto regulations to journalists on the sidelines of the IMF, World Bank and G20 Finance Ministers and Central Bank Governor (FMCBG) fall meetings in Washington last week, according to media reports. .

positive but contradictory

India Blockchain Forum co-founder Sharat Chandra said that Sitharaman’s statement that the technology should not suffer to maintain regulation has “sent a positive message to builders and entrepreneurs in the crypto space. It is a significant development for the fintech and digital assets industry,” reported India’s Outlook.

The founder of Singapore-based venture capital firm Wen 3, Reflexical Pte, Ajeet Khurana, said the Indian finance minister’s stance on supporting the technology but not the underlying economics is contradictory.

“Even if it is a technology-driven regulatory framework, sooner or later all governments will have to take an unequivocal stance on digital assets,” Khurana explained.

The CEO of analytics firm Web3 GoSats, Mohammed Roshan, noted that tech-driven regulation of cryptocurrencies appears to be a close possibility now.

“With the crypto industry and its stakeholders desperate for clarity in terms of regulations, an overall tech-driven legal framework for the country definitely seems to be in the cards sooner rather than later,” Roshan said.

contradictory posture

The Indian Finance Minister has praised blockchain technology on several occasions, but has also expressed reservations about its anonymity feature and how cryptocurrencies can lead to illegal activities and financial instability.

“We don’t want the technology to be altered. We want the technology to survive and also be in a position for FinTech and other sectors to benefit from it,” he 0 said in Washington.

In an example of how blockchain is being used to improve lives and systems, the police in the Indian district of Firozabad recently launched an online complaint registration portal to ensure the filing of complaints without manipulation by victims of crime.

But his usual skepticism about cryptocurrencies was also evident during his trip to Washington.

“But if it’s about platforms, meaning trading on assets that have been created, and buying and selling, and making a profit, are we in a position to establish what it’s being used for? Are all countries in a position to understand money trading? – she commented.

G20 Presidency and Crypto

India will hold the Presidency of the G20 from December 1, 2022 to November 30, 2023. The Group of Twenty is made up of 19 countries and the European Union and works on issues of cooperation and governance of the international economy.

“We would definitely like to collect all of this and do a little bit of study and then bring it to the G20 table so that members can discuss it and hopefully come up with a framework or SOP so that, globally, countries can have a technology. -Boosted regulatory framework”, – he told reporters.

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