Standalone effort to regulate cryptos won’t be effective: Nirmala Sitharaman

Cryptocurrencies, being completely driven by technology, cannot be controlled or regulated by standalone efforts of any country, Union Finance Minister Nirmala Sitharaman said on Monday.

She said India is discussing with the G20 member countries on developing a standard operating procedure (SOP) for regulation of cryptocurrencies.

“We recognise that this (cryptocurrency) is completely driven by technology and the standalone country’s effort in controlling or regulating this is not going to be effective,” the finance minister said, while replying to a question in Lok Sabha.