City
Epaper

India talking with G20 nations to build norms for regulating crypto mining: Finance Minister

By IANS | Updated: February 13, 2023 19:25 IST

New Delhi, Feb 13 Finance Minister Nirmala Sitharaman on Monday told Parliament that India has taken on board ...

Open in App

New Delhi, Feb 13 Finance Minister Nirmala Sitharaman on Monday told Parliament that India has taken on board the G20 member nations to formulate a standard operating protocol to regulate crypto mining.

Replying to a question on crypto mining regulation in the Lok Sabha during Question Hour, she said that under its G20 presidency, India is "raising this issue and having detailed discussion with the members so that a standard operating protocol emerges after the discussions in the G20 so that there is a coherent, and comprehensive approach in bringing some regulation into this whether it is mining or whether it is transacting".

Sitharaman also said that crypto is largely unregulated in India, whether it is mining or whether it is an asset or whether it is a transaction.

"We recognise that this is almost driven by technology, and a standalone country's effort in controlling or regulating this is not going to be effective. There is now an evolving consensus. That is why in the G20 we are raising this issue and having detailed discussion with the members so that a standard operating protocol emerges after the discussions in the G20 so that there is a coherent, comprehensive, all countries working together, kind of an approach in bringing some regulation into this whether it is mining or whether it is transacting," she said.

The Finance Minister said that all this is being looked at comprehensively, because technology does not brook any borders.

She was responding to a question by DMK MP T Sumathy, who wanted to know how the government plans to regulate crypto mining in India, in order to cater to environmental

and energy conception concerns.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: parliamentNirmala SitharamanNew DelhiG20SabhaCentral bank governorsThe new delhi municipal councilUnion group of ministersDelhi south-westNirmala seetharaman
Open in App

Related Stories

CricketIND-W vs AUS-W, 3rd ODI: Australia Women Win Toss, Opt to Bat Against India in Series Decider; Check Playing XIs

CricketWhy Is India Women’s Cricket Team Wearing a Pink Jersey in IND-W vs AUS-W 3rd ODI 2025 Match?

CricketIND-W vs AUS-W 3rd ODI LIVE Cricket Streaming: When and Where to Watch India Women vs Australia Women Final Match

NationalPM Narendra Modi Arrives at Parliament House To Cast His Vote for Vice Presidential Election

NationalGST Overhaul: Council Targets Uniformity, Balances Relief for Middle Class with Luxury Tax Hike

Technology Realted Stories

Technology91 online govt services restored after data centre fire in S. Korea

TechnologyDedicated team within ICAR to conduct sugarcane research: Shivraj Singh Chouhan

TechnologyClimate variability reshaping Indian Sardine's dynamics: Study

TechnologyMumbai's real estate market witnesses robust 1.11 lakh registrations between Jan-Sep

TechnologyAtmanirbharata is about building supply chains that can withstand global shocks: Piyush Goyal