India calls for globally coordinated crypto regulations at G20 meeting

News Points:

• India's Finance Minister emphasized the need for coordinated global regulations on crypto assets at a G20 meeting.
• G20 members agreed on the need for a globally coordinated approach to regulating crypto assets.
• A "synthesis paper" will be presented during India's G20 presidency to develop a coordinated approach to regulating cryptocurrencies.

India's Finance Minister, Nirmala Sitharaman, emphasized the need for coordinated global regulations on crypto assets at a meeting of G20 finance ministers and central bank governors.

G20 Members Agree on Need for Global Crypto Regulation
The G20 member countries have agreed that any new regulations on crypto assets need to be developed collaboratively at a global level.

India Pushes for Collective Global Effort to Address Crypto Challenges
During India's G20 presidency, a "synthesis paper" will be presented on matters related to crypto assets, aiming to provide a roadmap for developing a coordinated approach to regulating cryptocurrencies.

Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency.

India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework.