According to Finance Minister Nirmala Sitharaman on Saturday, the Group of 20 (G20) large economies is looking at the possibility of regulating cryptocurrencies as a group.

According to Sitharaman, whose nation is this year's G20 president, given the complex technology associated with these virtual assets, governments must examine if a particular legislation is necessary.

The administration of Prime Minister Narendra Modi has been debating whether to develop a legislation to regulate or even outright outlaw cryptocurrencies for a number of years, but it has not reached a conclusion.

"We are talking to all nations, that if it requires regulation, then one country alone cannot do anything,"

after meeting with the directors of the central bank in New Delhi, Sitharaman informed reporters.

"We are talking with all nations, if we can make some standard operating procedure which is followed by everyone to make a regulatory framework, and if it can be effective."

This month, the G20's finance ministers and governors of the central banks will visit India.

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