G20 nations pursue unified approach to address crypto risks

The G20 forum, under India’s presidency, is working towards establishing a global framework to help countries combat the challenges and risks associated with the rapidly evolving cryptocurrency landscape.

The G20, a forum of 19 countries and the European Union, is working towards developing a worldwide framework to combat the risks associated with cryptocurrencies.

Under India’s current presidency, the G20 is pushing for a coordinated approach to address the challenges posed by digital assets.

India’s finance minister, Nirmala Sitharaman, has emphasized the need for a global consensus on cryptocurrency regulation, asserting that individual reforms will not effectively tackle the far-reaching consequences of cryptocurrencies.

As multiple ecosystem failures continue to affect investors globally, the importance of a joint effort from all jurisdictions becomes increasingly apparent.

During a talk at the Peterson Institute for International Economics in Washington D.C., Sitharaman emphasized the role of cryptocurrencies in the G20’s agenda,

Additionally, Sitharaman unveiled the G20’s ambition to unite global economies to fight against debt issues and hyperinflation in smaller countries, such as Sri Lanka and Ghana.

India’s tenure as G20 president will end on Nov. 30, 2023, providing the group with around seven months to develop comprehensive, universally applicable crypto regulations.

In contrast, El Salvador’s previously struggling economy has demonstrated the value of digital assets like bitcoin in mitigating hyperinflation and reducing dependence on the U.S. dollar.