Nirmala Sitharaman, finance minister of current G20 president India, said the group of major economies is exploring whether it can coordinate on crypto regulation."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," Sitharaman added.

Though the Indian government and the Reserve Bank of India have historically been opposed to decentralized cryptocurrencies, the central bank has shown a keen interest in central bank digital currencies. Late last year, it began a pilot for a wholesale digital rupee to reduce transaction costs and the need for collateral when trading government securities.