The G20, an intergovernmental forum made up of 19 countries and the European Union, has planned to develop a common framework to help all countries deal with the risks associated with investing in cryptocurrencies.
Under the Indian presidency, the G20 called for coordinating global cryptocurrency policies, a vision presented by the country’s finance minister, Nirmala Sitharaman. However, given the multiple ecosystem collapses affecting investors around the world, Sitharaman believes that the disparate reforms will not help address the global reach of cryptocurrencies.
Speaking at the Peterson Institute for International Economics in Washington DC, highlighted the numerous cryptocurrency crashes, while revealing the need for a coordinated effort from all jurisdictions:
“Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many crashes and shocks in the crypto space. We seek to develop a common framework for all countries to deal with this issue.”
Besides, Sitharaman also revealed the G20 goal of bringing world economies together to fight debt distress and hyperinflation in smaller economies like Sri Lanka and Ghana.. In this sense, he said:
“At the G20, India has an opportunity to bring all countries together to tackle debt distress in low and middle income countries. Multilateral institutions are submitting resolutions for indebted countries within 3 to 5 years.”
India’s G20 presidency will end on November 30, 2023, leaving roughly seven months for the group of 20 nations to come up with comprehensive cryptocurrency reforms that can be applied across all jurisdictions.
Besides, El Salvador’s economy, hitherto in difficulties, demonstrated the importance of an asset like bitcoin (BTC) in reducing the impact of hyperinflation and dependence on the US dollar.
India’s indigenous payment network, the Unified Payment Interface (UPI), is also expanding.
UPI goes Global!
Since UPI was introduced as a payment system in India, it has revolutionized the lives of Indians, but in fact, India’s digital payment system is steadily becoming globally attractive & is being adopted by other countries.#indiafirst #IndiaSingaporeRelations pic.twitter.com/55sGh5bzbZ
—MyGovIndia (@mygovindia) February 21, 2023
Since UPI has been introduced as a payment system in India, it has revolutionized the lives of Indians, but in fact, India’s digital payment system is becoming more and more attractive globally and is being adopted by other countries. .
The fast payment system Singapore PayNow has recently integrated UPI to enable fast cross-border payments. At the time of the announcement, it was revealed that State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank would facilitate outgoing remittances, while Axis Bank and DBS Bank India would facilitate incoming remittances.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.