India Requests IMF and FSB to Develop ‘Synthesis Paper’ on Crypto Assets during G20 meeting

Under its presidency, India urges International Monetary Fund (IMF) and Financial Stability Board (FSB) to craft a consolidated report on crypto assets for the G20 finance ministers and central bank governors’ meeting. The objective is to establish a cohesive and all-inclusive approach towards crypto assets,” as stated by the finance ministry of India.

The Indian government unveiled its “G20 Chair’s Summary and Outcome Document” on Saturday, following a two-day conference of finance ministers and central bank governors in Bengaluru on February 24`-25. Crypto regulation was one of the key areas discussed during the meeting. As part of a panel discussion on cryptocurrency regulation, India urged the International Monetary Fund (IMF) and Financial Stability Board (FSB) to partner on a technical paper on crypto assets.”

Indian Finance Minister Nirmala Sitharaman has been vocal about making crypto a priority in G20 conversations during India’s presidency for several months.

In October of last year, she remarked that India aspires to establish a technology-driven regulatory framework or a standard operating procedure (SOP) for crypto assets. Sitharaman has also persistently emphasized the need for global cooperation on crypto.

Previous Stand about Crypto from India

Indian ministry have always had a negative stance on cryptocurrency. Even after RBI ( Reserve Bank of India) , openly mentioned about allowing crypto, there was a tug of war between banks and its clients. We have had reports from one of our own author about banks not allowing fiat transfer to crypto exchanges. After Wasirx, one of biggest crypto exchanges was forcibly restricted to transact, crypto aspirants from India has pushed blockchain entrepreneurs out of its boundaries to more crypto friendly countries.

You may be interested to read more about the below topics

• Reserve Bank of India(RBI) Governor Mr.Das says Crypto must be banned and compares it to gambling
• Digital Rupee Talks from Finance Minister
• Crypto Exchanges in India Face Resistance from Banks
• Crypto Industry is Under Siege by Regulators
• Hong Kong plans to make crypto purchase and trading legal for all of its citizens

Conclusion

Irrespective of India’s stand on crypto, it appears that countries like India, US and many more wants to clamp down on crypto due to the decentralized nature of cryptocurrency. Central Banks control currencies of respective countries however if crypto takes dominance that may be question the power of each countries. Hence it’s understandable that everyone wants to control crypto. It’s expected to see regulations in the coming years and it may help blockchain space innovation for expansion.

Picture from GoI Twitter and content