Once again, India is making waves in the news concerning its cryptocurrency regulations. According to Reserve Bank of India (RBI) Governor Shaktikanta Das, some members of the G20 may even consider a complete prohibition of digital coins.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) will develop a technical document outlining various regulatory policies for crypto assets. These fresh regulations are set to be proposed by India during the next G20 summit.
At the upcoming meeting of G20 Finance Ministers and Central Bank Governors, this paper will be thoroughly discussed for finalizing these regulations on private digital assets before the month of September, prior to the G20 Summit scheduled for October.
During a recent press conference for the first G20 Summit, Finance Minister Nirmala Sitharaman declared that any form of money that lies beyond the remit of the Central Bank will not be accepted as a legitimate currency.
India is finally getting serious about cryptocurrency regulations! After a long period of ambiguity, the G20 Summit is still the anticipated event for sorting out the crypto industry in India. Additionally, in this innovative move, India is exploring the possibility of launching its own Central Bank Digital Currency (CBDC). This could be India’s ticket to competing with the rest of the world in the crypto sector.
The Stance of Sitaraman on Crypto
It looks like the Reserve Bank of India has been trying to ban all private digital assets for a while now, but Finance Minister Nirmala Sitharaman has come up with a plan to make sure these assets are regulated using one uniform policy.
The U.S. Treasury Secretary Janet Yellen supported the idea of a unified regulatory framework for private digital assets, which would serve as an umbrella for many countries, thus eliminating the need for different regulations. This would also help to optimize the cost of cross-border payments.