In recent years, cryptocurrency trading and investment have increased significantly in India. The Indian government has expressed concern about the hazards connected with cryptocurrencies, including money laundering, fraud, and financing of terrorism, despite the fact that the potential of cryptocurrencies and blockchain technology is generally acknowledged. As a result, the Indian government is currently looking into regulating the cryptocurrency in India.
According to a recent report, in the on-going G20 meetings, India has requested cooperation from the IMF and Financial Stability Board (FSB) on a technical document regarding crypto. A comprehensive and uniform method to regulating these assets will be developed with the help of this study.
India Finally Pushes Toward Crypto Bill
The International Monetary Fund and the United States supported India’s efforts to regulate cryptocurrencies during the two-day Group of 20 (G20) summit. The Indian government has asked for an international cooperative strategy to solve the problems brought on by cryptocurrencies like bitcoin. India’s finance ministry hosted a seminar for G20 participants to discuss the creation of a common regulatory framework in order to assist this.
The synthesis paper will be submitted during India’s G20 Presidency which culminates in September when India hosts G20 leaders from across the world, said Indian Finance Minister Nirmala Sitharaman during a press conference.
IMF And FSB To Integrate With The Indian Crypto Regulatory Framework
The discussion paper, policy seminar, and joint paper with the FSB, according to the announcement, would jointly address macro-financial and regulatory aspects of crypto assets and aid in forging a global consensus on a comprehensive and unified policy approach to these assets.
Indian government has been deliberating on drafting a law to regulate or potentially prohibit digital currencies for several years but has now prepared to reach a definitive decision.
It is safe to say that Indian investors have fallen in love with the idea of cryptocurrencies and Bitcoin is the most popular cryptocurrency in India. Indian investors treat Bitcoin as digital gold. After Bitcoin, Dogecoin, Shiba INU and Ethereum are most popular crypto coins among Indians.