By Nikunj Ohri
(Reuters)- (G) Big economies bloc is exploring whether Finance Minister Nirmala Sitharaman said on Saturday that the group could collectively regulate cryptocurrencies. G20 President of the year.
The government of Prime Minister Narendra Modi has been discussing for years the drafting of a law to regulate or even ban cryptocurrencies, but has yet to make a final decision.
“We are talking to all countries, if regulation is needed, no single country can do that,” Sitharaman told reporters after meeting central bank directors in New Delhi.
“We are discussing with all countries if we can develop some standard operating procedures that everyone can follow to develop a regulatory framework and whether it works.
India will host G Finance Ministers and Central Bank Governors this month.
Last year, Modi had expressed the need Global effort to tackle problems posed by cryptocurrencies. RBI says cryptocurrencies should be banned as they resemble Ponzi schemes.