India Reveals IMF Is Working With G-20 for Crypto Regulations

Bitcoin Smith

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Thank you for the replies guys, I can see some progressive engagement in our local board, hope it continues and I request every fellow community member to share anything you see about cryptocurrency related to India and around the world too.

And sorry guys I don't have anymore sMerit to spend so I hope our board's merit source will exhaust his source quota as much as possible. Cheesy

Quote from: elevates on February 04, 2023, 08:52:24 AM

The next time you post a long post that is copied. please follow these simple posting rules. Copy partially like the beginning of that article and then quote it. Add the link to the original content at the end or before, depending on you, and then state your reason for sharing it. Make sure it is not a one-liner as you did in this topic. If possible add images that would make it look more fancier and attractive.

Got it, thank you for your suggestion and I will try to be more effective and simple with upcoming codes as much as possible.

pakhitheboss

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Good to hear that finally, the government is looking to introduce crypto regulation. I do not think it will happen this year as I expected an announcement in the Budget. They will come up with ideas and formulate and implement them next year or in 2025. As next year we have the central election the government would not want to risk it as I feel the regulation would be harsh and might wipe out crypto in India so I am expecting 2025 will be the year.

teosanru

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To be fair this is the only way how these governments can atleast try to regulate all Cryptocurrencies otherwise there is no chance they will ever be able to touch the space. And all the governments desperately want to regulate crypto space. I won't be surprised to see if they bring in some sort of shadow bans or atleast mandatory registration and regulations for exchanges and other crypto companies. They desperately want to track the incomes made by people in this as well.

elevates

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The government and the bureaucrat have zero knowledge of Bitcoin & cryptocurrency. I was just surfing a social media outlet where they were discussing Adani share's downfall (which BTW is a hot topic) and to my surprise found a reply which was " Adani stocks are similar to Bitcoin. No product, No future, and still it got pumped". To my surprise! I read a reply from the OP which was somewhat good but not to the point. OP said "Bitcoin relies on node structure and those nodes are the product as they are controlled by humans who are working on safeguarding every node. I must say this was the best reply that I have read or read to date about Bitcoin.

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Bitcoin Smith

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For the first time since taking over the G-20 presidency, India has officially revealed details of the ongoing work around how to regulate crypto.
IMF is working on a paper in consultation with India that will focus on "aspects of the monetary policy and the policy approach to crypto assets," said Ajay Seth, secretary, Department of Economic Affairs.

Seth also revealed the IMF had led a meeting with representatives of developing economies about the paper in January. The details confirmed CoinDesk's earlier reporting around the IMF's role in the G-20's crypto-related discussions.

"There's going to be a 135-minute seminar on crypto assets on the policy response (during a G-20 meeting later this month) and for that again the IMF is preparing the finalized paper that will form the base," he added.

India assumed the presidency of the Group of 20 – the intergovernmental forum of the world’s 20 largest economies including the European Union as a bloc – on Dec. 1, giving it the responsibility of shaping the group’s agenda. On the eve of taking over the presidency, India's Finance Minister Nirmala Sitharaman had said regulating crypto assets will be a priority.

Sitharaman reiterated this on Friday, saying, "We are also looking at a global SOP (Standard Operating Procedure) to be available to be agreed upon for regulating crypto assets" for the meeting later this month that will see G-20 Finance Ministers and Central Bank Governors come together.
"Whilst recognizing the central bank as the authority for issuing crypto currency, the rest of the assets which are being created outside which are using very useful financial technologies, even those will have to be discussed because regulation cannot be done by any one country singularly, it has to be a collective action because technology doesn’t group any borders," Sitharaman added.

India's position on whether crypto is legal or not has been completely clear since it imposed stiff taxes in 2022 but didn't declare crypto as being legal.
“I don’t wait till regulation comes into place for taxing people who are earning profits,” the Indian Finance Minister said when asked how a nation can tax something that it doesn’t acknowledge is legal.

"The question of legality will come only if something is declared illegal. Crypto assets are not illegal in this country," Seth explained, becoming the second official to give clarity on the matter.
India's draft bill for crypto regulation has been in cold storage because the government wanted global consensus first.
"We had prepared a bill (which) went through internal discussions. Thereafter there was a consensus that we have to deal with it at the global level," Seth said.

In terms of next steps for India in shaping global crypto policy, the plan is to take the progress of the IMF paper from consensus at the G-20 to the crypto assets working group of the Financial Stability Board and then "all countries put together" because crypto is an asset class that can be traded across the board and thus "it requires all countries" to accept the policy, Seth said.

Source: https://www.coindesk.com/policy/2023/02/03/india-reveals-imf-is-working-with-g-20-for-crypto-regulations/

So this is not over yet, the regulators are working on how to regulate the decentralized cryptocurrencies because they acknowledged Bitcoin has no borders so issuing a ban won't stop them from the circulation so what we are expected to see with these policy discussions?

But they mentioned that they will collect tax as of now because they didn't mention crypto is not illegal anywhere so tax applies stated by FM.

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