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.
