• India is aiming to bring G20 members to a consensus on the roadmap for regulating digital assets within this year.
• India is currently working with the Financial Stability Board to develop a paper that will be presented at a seminar on Feb. 23.
• Indian Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have both called for global cooperation in regulating cryptocurrencies in the past.
India Aims To Reach Consensus On Crypto Regulation Among G20 Members
India is aiming to bring G20 members to a consensus on their approach and roadmap to crypto regulation this year as it has recently become the G20 president in December. The Department of Economic Affairs secretary Ajay Seth said that a paper is being drafted for a seminar which will be held on the sidelines of the G20 finance ministers and central bank chiefs, with the aim of reaching an agreement among them regarding crypto regulation policies.
Seminar Aimed At Reaching A Consensus On Crypto Regulation
The seminar, which will be held on Feb. 23, has been organized after G20 members discussed an International Monetary Fund paper on crypto assets last month. Its aim is for all members of the group to reach an agreement about their policy stance on cryptocurrencies and also discuss what kind of regulations should be put in place regarding them.
India Working With Financial Stability Board Towards Crypto Regulations
In order to achieve this, India is collaborating with the Financial Stability Board (FSB) so that they can agree upon a unified policy stance towards cryptos and also lay out a roadmap for how they should be regulated during its presidency at least among all G-20 members.
Indian Leaders Calling For Global Cooperation In Regulating Cryptocurrencies
Both Indian Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have expressed support towards global cooperation when it comes to regulating cryptocurrencies in the past, showing that there could be significant progress made in terms of international agreements related to digital assets legislation this year if everything goes according to plan.
It remains yet unclear what kind of regulations may come out from these discussions but it certainly shows promise if all countries involved are willing to cooperate towards establishing some kind of unified standard when it comes down to cryptocurrency regulations around the world.