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India, a nation that has occasionally sought to outlaw and severely restrict the use of cryptocurrencies inside its borders, has as of Dec.
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A lot of the globe is debating whether the industry needs greater regulation as I assumed the chairmanship of the Group of 20, an international organisation of some of the greatest nations in the world.
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India will be in charge of setting the agenda for the group, which consists of 19 countries and the European Union as a whole, for the upcoming year.
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Cryptography is not new to Prime Minister Narendra Modi.
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He has previously urged international cooperation to address problems brought on by cryptocurrencies since the technology "makes decisions taken by one country inadequate to solve the issues."
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The 18th G-20 summit will be held in New Delhi, India, on September 9–10 of next year.
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Setting up internationally coordinated crypto laws as a priority shows a fresh need for stricter restrictions as another wave of crypto contagions is set off by the failure of FTX.
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During its G-20 presidency, India is looking to the International Monetary Fund (IMF) to spearhead discussions on how to regulate crypto assets.
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This could be a tactical geopolitical shift away from the Financial Stability Board (FSB), the global financial watchdog that has traditionally been in charge of setting rules.
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The FSB recently put up extensive international crypto guidelines.
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