Crypto on agenda at G20 Finance Ministers & Central Bank Governors meet on Feb 24-25 in Bengaluru
New Delhi, Feb 21 (KNN) The first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency will hold talks on cryptocurrencies on February 24-25 in Bengaluru.
In principle the government agrees with the Reserve Bank of India (RBI) that cryptocurrencies cannot be treated as sovereign currencies.
But it is not in favour of banning the blockchain technology that operates them because of its potential to further boost the fintech industry using it, two officials aware of the development said.
“Blockchain technology can be regulated to leverage its usage in various non-controversial products and services, instead of killing a futuristic technology by outrightly banning it,” one of them said.
“There are three broad aspects related to cryptos – crypto currencies, crypto assets and blockchain technology – and while many countries are against granting legitimacy to cryptocurrencies such as Bitcoins to compete with sovereign fiat money, they are quite open to discussing the other two,” a second official said. (KNN Bureau)
