The 2023 G20 New Delhi Summit, which will be the eighteenth G20 session, will take place on September 9-10, 2023. The event will happen at the Bharat Mandapam International Exhibition-Convention Centre (IECC), Pragati Maidan, New Delhi. Amongst all the matters to be discussed at the conference, talks on crypto regulations is expected to be one of them.
According to Shivam Thakral, CEO, BuyUcoin, a digital asset exchange, this move can turn into an achievement for every crypto ecosystem on a global scale. “India’s presidency at the G20 can bring together an effort to regulate and harness tech to its full potential. The recent acknowledgement of a regulatory framework for AI and crypto should instil confidence among the Indian masses that have already adopted some forms of AI or Web3.0 in their lives while the industry has set its eye on upcoming G20 meetings for more clarity,” Thakral added.
In recent developments, Nirmala Sitharaman, Indian Finance Minister, stated that discussions are ongoing for development of international crypto asset-based rules, with emphasis on the need for countries’ collaboration. “India’s (G20) presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets. Active discussions are happening,” Sitharaman said on September 5, 2023, at Mumbai.
“I think global coordination of crypto regulations is imperative in today’s world. A discussion on crypto policy within the G20 summit would be a step forward. It can pave the way for an approach that fosters innovation while safeguarding against risks. By harmonising regulations and promoting crypto adoption, we can harness blockchain technology, ensuring it benefits individuals, businesses, and economies worldwide. It’s time for nations to come together and shape the future of crypto in a way that’s both progressive and secure,” Om Malviya, president, Tezos India, a blockchain adoption entity, mentioned.
Previously, on August 28, 2023, Narendra Modi, specified the need for a global crypto framework, along with utilisation of technologies such as artificial intelligence (AI), at the B20 Summit India, 2023. “The rapid pace of change of technology is a reality—there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratisation and a unified approach,” Modi stated. On July 17, 2023, G20’s Financial Stability Board (FSB), a financial services company, unveiled guidelines for helping platforms which conduct crypto asset-oriented transactions.
“At the G20 summit, I think there exists an opportunity to rally nations towards governing and unleashing the potential of deep tech. Cryptocurrency is considered emblematic of our technological landscape. With the G20’s wisdom, we can integrate AI and cryptocurrencies into our societies,” Denis Sklyarov, co-founder and CEO, WiFi Map, a crypto centric DeWi application, concluded.