Indian Government Leans On G20 Guidance For Crypto Regulation Strategy
The Indian government addressed inquiries about cryptocurrency regulation in a parliamentary session, highlighting its focus on the IMF-FSB synthesis paper presented at the G20 summit.
Minister of State in the Ministry of Finance Pankaj Chaudhary underscored the significance of the paper, offering a framework for G20 and non-G20 nations to establish comprehensive policies on crypto assets. Emphasizing the flexibility afforded to emerging market and developing economies (EMDEs), the minister noted that the IMF-FSB synthesis paper acknowledges the heightened risks faced by these economies.
Chaudhary urged jurisdictions, including India, to assess specific characteristics and risks in determining appropriate measures for crypto assets, aligning with the New Delhi Leaders’ Declaration adopted by G20 countries. This update follows the Indian government’s ongoing efforts since July 2019 to address the regulatory framework for cryptocurrencies, acknowledging the importance of global guidance in shaping their approach.
Clever Robot News Desk 15th December 2023
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