In response to inquiries about India’s future regulation of the web3 sector, Finance Minister Nirmala Sitharaman acknowledged the current lack of regulation of cryptocurrencies in India. She emphasized the challenge of governing or regulating crypto transactions, which are driven entirely by technology, and highlighted the emerging consensus for global cooperation in establishing standard operating procedures for crypto regulations.

These issues will be discussed during India’s G20 Presidency term, which began on December 1, 2022, and aims to establish effective regulations for mining and transactions. Sitharaman further emphasized the technology-based nature of cryptocurrency at a seminar on Feb. 11.

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