The G20 is an intergovernmental forum with 19 member countries and the European Union, which recently outlined its vision for coordinated global crypto policies. Finance Minister Nirmala Sitharaman believes that this united global effort is necessary to address the global impact cryptocurrencies have had on investors across the world, such as the numerous crypto collapses. India’s G20 presidency calls for all nations to devise a common framework to fight crypto-related risks in the near future.

As of now, the G20 is seeking to also combat hyperinflation in smaller economies such as Sri Lanka and Ghana. El Salvador's adoption of Bitcoin (BTC) has demonstrated the effectiveness of cryptocurrency in reducing reliance on dollars and protecting against inflationary pressure.

In other news related to the development of India’s economy, the country’s payment network, the Unified Payment Interface (UPI), is gaining global recognition. Singapore’s PayNow rapid payment system recently integrated UPI to facilitate easier cross-border payments. With the use of UPI, the State Bank of India and ICICI Bank have begun providing outgoing remittances, with Axis Bank and DBS Bank India providing incoming funds transfer.

This momentum for India’s economy is promising, with the hope that their citizens will be able to benefit from this progress. The G20’s goals of working together to achieve a common global framework to protect against crypto-related risks may finally come to fruition before the end of India’s G20 presidency in November 2023. In addition, India’s success with UPI looks to offer citizens of both Singapore and India more viable options when looking to quickly transfer funds.



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