By Nikunj Ohri
Feb 11 (Reuters) - The Group of 20 (G20) big economies
is exploring whether the group could collectively regulate
cryptocurrencies, Finance Minister Nirmala Sitharaman said on
Saturday.
Given the sophisticated technologies involved with these
virtual assets, countries must discuss whether a given
regulation is needed, said Sitharaman, whose country is this
year's G20 president.
Prime Minister Narendra Modi's government has for several
years debated drafting a law to regulate or even ban
cryptocurrencies but has not made a final decision.
"We are talking to all nations, that if it requires
regulation, then one country alone cannot do anything,"
Sitharaman told reporters after meeting the central bank's
directors in New Delhi.
"We are talking with all nations, if we can make some
standard operating procedure which is followed by everyone to
make a regulatory framework, and if it can be effective.
India will host G20 finance ministers and central bank
governors this month.
Last year, Modi has said a collective global effort is
needed to deal with problems posed by cryptocurrencies. The
Reserve Bank of India has said that cryptocurrencies should be
banned as they are akin to a Ponzi scheme.
(Reporting by Nikunj Ohri; Editing by William Mallard)
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