Key Points:
- India will decide its cryptocurrency stance based on G20 insights in the coming months.
- Past challenges include high taxes, market issues, and regulatory actions.
- Recent endorsements of global crypto recommendations highlight the growing consensus in the G20 for coordinated regulation.
Accoding to CoinDesk, India’s stance on cryptocurrencies will be established in the coming months, as revealed by a senior Finance Ministry official on Sunday.
The nation, currently among the least crypto-friendly regions globally, is poised to use the insights gained from the G20‘s development of a crypto risk assessment framework to shape its own policies.
Ajay Seth, Secretary of the Department of Economic Affairs, stated during the G20 leaders’ summit that “India’s position will be decided in the coming months.”
India‘s approach to cryptocurrencies has faced scrutiny for years, marked by a series of challenges, including high taxes, a crypto market downturn, a “shadow ban,” anti-money laundering regulations, and enforcement actions against major crypto exchanges.
This scrutiny intensified after India prioritized crafting global crypto regulations during its G20 presidency, a goal subsequently achieved through a “synthesis paper” from the International Monetary Fund (IMF) and Financial Stability Board (FSB).
In a significant development, India’s Finance Minister announced last month that G20 members had given their endorsement to the Financial Stability Board’s recommendations concerning crypto assets and stablecoins.
This acknowledgment underscores the growing consensus among G20 nations regarding the importance of addressing the challenges associated with cryptocurrency assets.
The endorsement of these recommendations sets the stage for the establishment of a comprehensive and globally coordinated regulatory framework, aimed at ensuring the stability and integrity of financial markets worldwide.
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Source: https://coincu.com/216750-india-will-establish-crypto-growth/