India Says G20 Members See Need for Global Crypto Regulations, Sitharaman also emphasized the need for a collaborative approach between countries to address the challenges posed by digital currencies.
India’s finance minister, Nirmala Sitharaman, has revealed that members of the G20 have recognized the requirement for global regulations on cryptocurrencies.
During a virtual conference with finance ministers and central bank governors from G20 member countries, Sitharaman emphasized the increasing importance of cryptocurrencies and the need for a coordinated global response.
She stated that the G20’s focus on crypto regulations was due to potential risks like money laundering and terrorism financing, and a collaborative approach between countries was necessary to address these challenges.
The participants also discussed other topics, such as the global economic outlook, the COVID-19 pandemic’s impact, climate change, international taxation, and sustainable finance.
The G20’s acknowledgment of the need for global crypto regulations is a positive move that can ensure a level playing field and protect consumers while encouraging innovation and driving the growth of the crypto industry. The main drivers of the expansion of the global cryptocurrency industry are the rising need for remittances in developing nations, the rise in demand for operational efficiency and transparency in financial payment systems, the improvement of data security, and the market cap which is covered up to date at Coinpedia.
Cryptocurrency Market Outlook
Asia-Pacific dominated the cryptocurrency market by region in 2020, and it is anticipated that it will continue to do so throughout the forecast period. Because there are more exchanges popping up around Asia, the cryptocurrency market is becoming more mature and competitive. According to Coinpedia’s forecast, the cryptocurrency market would grow to $4.94 billion by 2030.