The G20 countries have already agreed with FSB and IMF recommendations, so the next step is to put crypto regulations into place.
The G20 nations approved the Financial Stability Board’s (FSB) suggestions for the control, management, and oversight of cryptoassets on Sunday, September 10.
This shift from the central bank’s previous stance of having an overall ban on cryptocurrencies is quite positive for Indian cryptocurrency investors, a government official said. “If any country wants to ban it you can ban it, but if the rest of the countries are not banning it will be extremely difficult to implement the ban,” stated the official.
The official continued on to say that even though the G20’s agreement on crypto regulation is important, it is crucial that all of its members act in a coordinated manner. Internationally, India has been advocating for G20 cryptocurrency regulations. The G20’s inclusion of cryptocurrencies on the agenda was originally brought forward by India.
Also Read: G20 Summit: Indian PM Modi Highlights Need for Global Cryptocurrency Framework
Additionally, the government is seeking to promote agreement on cryptocurrency rules even among nations outside of the G20. The person says the goal is to widen these discussions beyond G20.
Domestically, the government plans to adopt international consensus-based regulations. This marks a major shift from India’s prior stance, in which entities like the Reserve Bank of India were strongly in favour of a cryptocurrency ban.
G20 Should Focus On Implementing Crypto Regulations
The official further stated that considering the structure for crypto rules had previously been complete, attention should now be directed toward regulations. “The roadmap has come, now what needs to be worked upon is the implementation part,” the official added.
On the other hand, Ajay Seth, the centre’s Economic Affairs Secretary, briefed the media on Sunday. When talking about the plan of action for crypto regulations from the FSB and the IMF, he said: “Our leaders have endorsed it. That is the highest level of activity that can happen in G20.”
The G20 members will continue discussions on cryptocurrency regulations at the forthcoming Finance Ministers and Central Bank Governors meeting, which is slated for next month in October.
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