India Likely to Present Its Roadmap for Crypto Regulations at G20
According to the latest reports, India is working on its roadmap for cryptocurrency regulations and might present the same at the upcoming G20. India is presiding over the G-20 for 2023, which started on December 1, 2022, and will end on November 30, 2023. The 43 Heads of Delegations will meet in the final New Delhi Summit in September 2023 to discuss G20 matters.
On Thursday, Economic Affairs Secretary Ajay Seth revealed that the government is cooperating with the Financial Stability Board (FSB) to introduce policies and regulatory framework for digital assets.
Speaking more about the revelation, Ajay Seth added:
“We had a one-and-a-half-day workshop. Thereafter, they are drafting a paper for a seminar, which will be conducted on the side-lines of G20 Finance Ministers and Central Bank Governors meeting in Bengaluru that is scheduled on February 23.”
Seth further added that the government is also working with the FSB to make sure that the country’s crypto policies and its regulatory framework are ‘agreed upon’ among the G-20 members.
Reports reveal that this year, in Delhi, between 15 Jan and 16, the IMF paper on crypto assets was talked over among major economies.
The proposal for the regulation of cryptocurrencies holds great significance as the industry witnessed some of the most dramatic setbacks since last year with illiquidity, crashing of FTX, Celsius , Terra Luna and so on. The timing of India’s crypto action seems crucial as even the UK recently announced its plan to regulate crypto and safeguard investors.
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