India is set to discuss crypto regulation with its G20 presidency members. Finance Minister Nirmala Sitharaman has revealed that the Indian government wants to reach a framework or standard operating procedure (SOP) that will allow countries around the world to adopt “technology-driven regulation” for cryptocurrencies. You can have a framework.
India Discusses Crypto Regulatory Framework With G20 Member States
Indian Finance Minister Nirmala Sitharaman shared the government’s plans on crypto regulation on Saturday before wrapping up a trip to Washington D.C. to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank, according to PTI. reported.
The finance minister told Indian reporters that cryptocurrencies will be part of India’s agenda during the G20 presidency. Noting that various organizations are doing their own research on cryptocurrencies, she said:
We definitely want to collate all of this, do a little research and bring it to the G20 table for members to discuss and hopefully reach a framework or SOP. A driven regulatory framework.
“But there is an implicit intention in this that we don’t want to interfere with the technology,” emphasized Sitharaman. “We want technology to survive and fintech and other sectors to stand to benefit.”
Minister of Finance at the time Referenced The Enforcement Department (ED) has detected money laundering activity related to crypto assets and crypto trading platforms in India.
“This concern has indeed been acknowledged by several members of the G20, who are in favor of money trails, money laundering, substance abuse, etc.,” continued Sitharaman, concluding:
There is an understanding that some kind of regulation is necessary and that all countries must be united about it. No country can do it alone. So we certainly have something on that.
The G20 is an intergovernmental forum of the world’s major developed and developing countries. Member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and the European Union. (EU). India will hold the G20 Presidency for her one-year period from 1 December 2023 to her 30 November.
after sitting in Draft Crypto Bill For several years, the Indian government reportedly confirm the stance To comply with the Financial Action Task Force (FATF), we will consider the legality of cryptocurrencies by the first quarter of next year. Finance Minister last month urged the IMF To play a leading role in the regulation of cryptocurrencies. The IMF said it was ready to cooperate with India on crypto regulation.
India, which has yet to establish a regulatory framework for cryptocurrencies, has imposed a 30% tax on cryptocurrency income, in addition to imposing a 1% withholding tax (TDS) on cryptocurrency transactions. I’m here. In addition, the Treasury Department reportedly goods and services tax (GST) may apply to crypto.
Meanwhile, the Reserve Bank of India (RBI) continued toserious concern” about cryptocurrencies. The central bank has repeatedly recommended a complete ban on all non-government-issued cryptocurrencies, including Bitcoin and Ethereum.However, the Finance Minister Said July: “Laws on regulations and prohibitions may become effective only after significant international cooperation on risk-benefit assessments and the evolution of common taxonomies and standards.”
What are your thoughts on the Indian Finance Minister’s comments? Do you think India will eventually have a regulatory framework for cryptocurrencies? Let us know in the comments section below.
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