India is likely to come out with a roadmap to regulate virtual assets like cryptocurrencies. On Thursday, Economic Affairs Secretary Ajay Seth said in an interview that the government is working with the Financial Stability Board (FSB) to formulate a policy for crypto assets with at least a regulatory framework. A consensus is expected to be reached on this during India’s G-20 presidency.
“We had a one-and-a-half-day workshop. After that, they are preparing a paper for a seminar, which will be held on the sidelines,” Seth said in an interview with PTI. G-20 A meeting of finance ministers and central bank governors is to be held in Bengaluru on February 23.
The symposium is expected to come up with a policy consensus crypto property.
“We are also working with the FSB and the idea is that at least during India’s presidency the policy stance for crypto assets, as well as the roadmap for regulation, is broadly agreed upon among the G-20 members,” he added. Is.”
It is noteworthy that the IMF paper on crypto assets was discussed between major economies in the capital of India between 15 and 16 January.
India assumed the presidency of the G-20 for 2023, beginning on December 1, 2022, and ending on November 30, 2023.
43 heads of delegations – the largest ever in the G20 – will attend the final New Delhi summit in September this year.
Besides a regulatory roadmap on virtual assets, multilateral institutions, and food and energy are some other important reforms that are likely to be brought up for discussion under India’s G20 chairmanship.
The need to regulate cryptocurrencies came into the limelight as the market suffered massive shocks since last year, due to the collapse of famous stablecoins and the bankruptcies of several crypto exchanges.
The United Kingdom, which India overtook last year to become the fifth-largest economy, on Wednesday announced its plans to regulate crypto and protect consumers.
The UK government will set out ambitious plans to firmly regulate crypto asset activities while providing confidence and clarity to consumers and businesses alike. According to the UK government’s website, under the plans, it will seek to regulate a broad suite of crypto asset activities, in line with its approach to traditional finance.
On the other hand, United States regulators have disqualified crypto assets such as bitcoin, ether, and various others as securities.
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