The government seems to be driving more of its present capabilities in bringing a global consensus on crypto regulations
The paper released by the International Monetary Fund crypto assets was a key point of discussion in Delhi among emerging economies: Ajay Seth
The crypto investment community had high hopes from the National Budget of India 2023 on reducing the crypto taxes to feasible levels. However, the government seems to be driving more of its present capabilities in bringing a global consensus on crypto regulations.
These official efforts from the government have paced up right after India gained a significant responsibility to preside over the G-20 summit.
India’s Collaborative Efforts Towards Crypto Regulation in G-20
India’s stance has been very clear towards adopting blockchain technology in the most efficient way possible. India’s CBDCs are all set to be deployed in the economy. The pace of cryptocurrency adoption in India is already one of the highest in the world and the number is expected to increase with clearer regulation from the government.
While talking to the Press Trust of India, Ajay Seth, Secretary of Economic Affairs said that a global consensus on cryptocurrency is a critical part of the government’s agenda during the G-20 Finance Ministers and Central Bank Governors meeting in Bengaluru. According to him, the paper released by the International Monetary Fund crypto assets was a key point of discussion in Delhi among emerging economies.
A paper on cryptocurrency is also being drafted for a seminar on the sidelines of the G-20 Finance Ministers’ meeting in Bangalore. The seminar is organized for the key decision-makers from around the world and move a step further towards consensus on crypto regulation.
Decision Makers on Cryptocurrency Regulation
Union Minister of Finance & Corporate Affairs Nirmala Sitharaman in her remarks on cryptocurrencies has declared crypto regulation a ‘working priority’. Apart from that, Mrs. Finance Minister has repeatedly advocated the need for a global consensus and highlighted the need for world leaders to come together to achieve it.
“No one single country can succeed in individually, being in a silo, trying to regulate the crypto assets” - Nirmala Sitharaman, Minister of Finance & Corporate Affairs.
She also expressed her concerns about the misuse of technology while also trying to leverage technological advancement for a better future. However, while addressing the Parliament of India, Mrs. Sitharaman forbade the possibility of banning cryptocurrencies.
A year back, while addressing the World Economic Forum's virtual Davos Agenda conference, Prime Minister Narendra Modi said,
"The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset"
However, blockchain technology is gaining adequate space in the government’s plans to expand on technical infra. Ajay Seth, Economic Affairs Secretary is confident that India will be able to achieve a global standpoint on cryptocurrencies without compromising on blockchain innovation.
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