Although we are having the G20 meet tomorrow I don't think we will get clear set of regulations by tomorrow itself.
I think they will pass it to a future date or may be introduce few rules now and improvise it later. May be something like a trial phase.
Also, I think once those regulations are introduced, it will be followed by other countries too.
There will be people who won't like this because they prioritize privacy and anonymity over regulations.
But a major portion of the crypto community don't care about giving their KYC until it is handled carefully.
I think they will pass it to a future date or may be introduce few rules now and improvise it later. May be something like a trial phase.
Also, I think once those regulations are introduced, it will be followed by other countries too.
There will be people who won't like this because they prioritize privacy and anonymity over regulations.
But a major portion of the crypto community don't care about giving their KYC until it is handled carefully.
The framework has already been prepared by IMF and SFB. What the leaders need to do is to agree on it unanimously. If they do then most of the work is done and we just need for our government to make some changes. The bill should come in the next session of Parliament and if it gets approved from both houses then it will become a law. I was able to find the synthesis paper, it does mention blanket ban or a complete ban is not possible. The big concer is money laundering using cryptocurrency for which a common cross border law will be made. If you want to read it you can visit this link.
