The aim is to ensure the sector's security and prevent misuse and nefarious activities. In a press conference on 7th April, Finance Minister Nirmala Sitharaman revealed that the period between April and July will be critical in giving a solid definition to the initiative. This will be followed by the international financial decision-making bodies coming on board to discuss and deliberate on a global consensus for Virtual Digital Assets.
According to the finance minister, the World Bank and the International Monetary Fund (IMF) are supporting India and other G20 nations by providing inputs on the evolving regulations. These discussions on crypto will be initiated by the IMF and the World Bank during their upcoming Spring Meeting in Washington DC, scheduled later this month.
The IMF and India are working together to create a document that highlights the monetary policy and the legal approach to crypto assets, while the World Bank is compiling its recommendations and concerns in a separate dissertation. Consultation papers from global financial institutions will be presented for discussion among India and other G20 nations in July.
Mrs. Sitharaman also revealed that India is conducting extensive research on crypto mining, blockchain transactions, and other crypto-related activities. This is destined to help the government which is working alongside other G20 members to create a comprehensive plan to facilitate growth in the sector.
The government of India is trying its best to ensure that the leading countries of the world come together to create a common consensus on some of the critical points. The proposed papers along with the extensive subject research will enable the government to take an informed decision in the upcoming spring session of the IMF and World Bank. A Twitter video featuring Mrs. Sitharaman elaborating on the ongoing crypto policy work is currently circulating. With the support of the IMF and World Bank, India's efforts to establish global crypto regulations could revolutionize the entire industry.
This session is likely to bring some positive news for the cryptocurrencies and blockchain technology and we hope that this will allow the industry to thrive in these challenging times.
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