The global nature of cryptocurrencies has meant that, as the China ban demonstrated, global cooperation and coordination is required in order to be able to effectively police
Nirma Sitharaman, India’s finance minister, has explained that the G20 countries will begin to discuss cryptocurrency regulation with one another in a more in-depth, and has explained that they will continue to discuss it at forthcoming meetings.
“If regulation has to be framed then one country cannot frame it alone.”
India’s finance minister believes crypto financial crime is a problem
Various times throughout the past, she has made the case that greater levels of regulation are required in the crypto space in order to combat crimes such as terrorist funding and money laundering, and she believes that India can and ought to lead the way in this regard.
She has highlighted that the FTX debacle means that, in addition to combatting terrorist financing, there are other reasons as to why law enforcement ought step in and enhance investor protections.
Indian to engage with #G20 countries to build international coordination on a policy approach to crypto assets
Read More: https://t.co/WiJ245Q54v#ParliamentQuestion
— PIB India (@PIB_India) February 13, 2023
Crypto is a threat to the current financial system
Moreover, she highlighted that governments need to be ready for the threat that cryptocurrencies pose for the current financial system.
A recent report jointly issued by the Federal Reserve, the FDIC and the OCC highlighted some of the various ways in which the nascent phenomenon could pose an issue to the prevailing traditional financial system, and that the “geographically pervasive nature” of cryptocurrencies means that any enforcement must be universal in order for it to be effective.
In particular, the report highlighted that the volatility in the crypto markets could pose a problem for financial stability around the globe, which is particularly important to reckon with given the instability of the global order at the moment.
Lastly, despite the fact that blockchains are overwhelming public ledgers, the report highlighted that they made it far easier for people to hide their assets and launder them, as well as use complex techniques to make it difficult for law enforcement to track everyone.
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