Even though the G20 has already endorsed the FSB and IMF’s recommendations, the next step involves the implementation of crypto regulations.
The G20 nations endorsed the Financial Stability Board’s (FSB) recommendations for regulating, surveillance, and oversight of crypto assets on Sunday, September 10.
According to a government official, this development is quite favorable for Indian crypto investors as it signals a shift from the central bank’s previous position of a blanket ban on cryptocurrencies. the official stated that:
“If any country wants to ban it you can ban it, but if the rest of the countries are not banning it will be extremely difficult to implement the ban,”
The official added that despite the significance of the G20’s agreement on crypto regulation, all member states must take coordinated action. India actively promotes a consensus on cryptocurrency regulations within the G20’s framework on the international stage. India was the first nation to propose adding cryptocurrency to the G20 agenda.
In addition, the government is striving to promote consensus on crypto regulations among non-G20 nations. The official stated that the objective is to expand these discussions beyond the G20 group.
On the domestic front, the government intends to enact regulations consistent with international forum consensus. This represents a significant shift from India’s previous position, in which institutions such as the Reserve Bank of India strongly advocated cryptocurrency prohibition.
G20 Should Emphasize Cryptocurrency Regulation Implementation
The official added that the regulatory framework for cryptocurrencies is already in place and that the focus should now be on regulations.“The roadmap has come, now what needs to be worked upon is the implementation part,” the official continued.
On the contrary, Ajay Seth, the center’s secretary of economic affairs, briefed the media on Sunday. Regarding the FSB and IMF’s regulatory roadmap for cryptocurrencies, he stated, “Our leaders have endorsed it. That is the highest level of activity that can happen in G20.”
During the forthcoming Finance Ministers and Central Bank Governors meeting, scheduled for October, the G20 members will advance discussions on cryptocurrency regulations.
