India Reveals The IMF And The G-20 Will Collaborate On Cryptocurrency Regulations
- The G-20, or Group of 20, is the intergovernmental forum of the world’s 20 major economies, including the European Union.
- In collaboration with us (India), the IMF is working on a study that will focus on issues of monetary policy and the policy approach to crypto assets.
For the first time since assuming the G-20 leadership, India has formally divulged specifics of its work on crypto regulation.
In collaboration with India, the IMF is working on a study that will focus on issues of monetary policy and the policy approach to crypto assets. The Secretary, Department of Economic Affairs also disclosed that the IMF convened a conference with officials from emerging economies in January to discuss the document.
There will be a 135-minute seminar on crypto assets on the policy response (at a G-20 conference later this month), and the IMF is once again producing the finished report that will serve as the foundation. On December 1, India took the chair of the G-20, or Group of 20, an intergovernmental conference comprising the world’s 20 major economies, including the European Union as a bloc, tasked with determining the group’s agenda. On the eve of assuming office, India’s Finance Minister Nirmala Sitharaman stated that regulating crypto assets will be a top priority.
Sitharaman reaffirmed this on Friday, adding, “We are also looking at a worldwide SOP (Standard Operating Procedure) to be accessible to be agreed upon for regulating crypto assets” at the G-20 Finance Ministers and Central Bank Governors meeting later this month.
While recognizing the central bank as the authority for issuing crypto currency, the rest of the assets that are being created outside of the central bank that are using very useful financial technologies will have to be discussed because regulation cannot be done by any one country alone; it must be a collective action because technology does not group any borders.
Since imposing heavy taxes on cryptocurrency in 2022 but not declaring it legal, India’s attitude on whether it is lawful or not has been very apparent. In terms of the next steps for India in defining global crypto policy, the goal is to take the IMF report from G-20 consensus to the Financial Stability Board’s crypto assets working group.
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