India’s Economic Affairs Secretary Ajay Seth stated that the government is collaborating with the Financial Stability Board (FSB) to develop a policy and regulatory framework for crypto assets with an agreement expected to be reached under India’s G20 presidency.
In an interview with PTI, Seth said, “we had a one-and-a-half-day workshop. Thereafter, they are drafting a paper for a seminar, which will be conducted on the side-lines of G20 Finance Ministers and Central Bank Governors meeting in Bengaluru that is scheduled on February 23.”
An agreement on cryptocurrency asset policy is anticipated to result from this seminar. On January 15 and 16, key economies reviewed the IMF research on crypto assets in New Delhi.
“There’s going to be 135 minute seminar on crypto assets on the policy response (during a G-20 meeting later this month) and for that again the IMF is preparing the finalized paper that will form the base,” Seth stated.
“IMF is working on a paper in consultation with us (India) which will focus on “aspects of the monetary policy and the policy approach to crypto assets,” said Seth.
Also Read: Indian Finance Minister wants IMF to Lead Crypto Regulation
Seth explained that because crypto is a class of asset that can be traded internationally, “it requires all countries” to accept the policy. So the plan is to move the IMF paper forward from the G-20 consensus to the Financial Stability Board’s working group on crypto assets before “all countries put together.”
Speaking on the legality of crypto, Seth noted “The question of legality will come only if something is declared illegal. Crypto assets are not illegal in this country.”
Last October, Finance Minister Nirmala Sitharaman stated that India intends to develop crypto SOPs during its G20 presidency, emphasizing that all countries want the technology to survive but not be abused.
More than 200 G20 meetings will be held in India during the country’s G20 Presidency, which runs from December 1, 2022, to November 30, 2023. In September 2023, the 43 Heads of Delegation will attend the final New Delhi Summit.
Also Read: India’s Economic Survey 2023 Calls for Common Approach to Crypto Regulation
