According to Cointelegraph, Indian Finance Minister Nirmala Sitharaman said that under the leadership of India's G20 presidency, active discussions on establishing a global cryptocurrency framework are underway. On August 28, Indian Prime Minister Narendra Modi called on G20 members to cooperate globally in formulating cryptocurrency regulations. Modi believes that emerging technologies with global impact, such as cryptocurrencies, should be accompanied by regulations and frameworks that are followed globally. On September 5, at the Global Fintech Festival, Sitharaman confirmed that G20 members are working towards the vision of establishing a global cryptocurrency framework. During the summit, Sitharaman said that cryptocurrencies are both a threat and an opportunity. She stressed that global cooperation is needed to build a responsible financial ecosystem and effectively help cryptocurrency regulation worldwide. She added: "Global cooperation is absolutely critical."