Government officers discuss Indian cryptopolitics, global regulations, G20 meetings-regulation
Government officers discuss Indian cryptopolitics, global regulations, G20 meetings-regulation
The Minister of Economics in India, Ajay Seth, has given an update about what the Indian government is doing with regard to the finalization of cryptocurrency legislation. He expects the crypto regulation to be discussed at the upcoming G20 meeting of finance minister and central bank governors.
India's Minister of Economics Ajay Seth reported reportedly in an interview with PTI that was published on Friday, the progress of cryptocurrency legislation in India. When asked whether the government would introduce crypto regulation in the budget meeting of Parliament, Economics Minister Seth: regulation or prohibition, whatever it is, an appropriate political reaction to crypto assets is in preparation. In terms of the introduction of crypto legislation, he replied: "How long? I can't put a finger on it. I certainly don't see this in the household session. The work is underway." The Minister of Economy also revealed what the Indian government is currently undertaking in relation to the finalization of cryptocurrency legislation. "At this point we interact with various interest groups, in particular the institutional interest groups and not the crypto stakeholders," he explained and added: interest groups that have the mandate for monetary policy, fiscal policy, financial stability and development economy are in contact. The Indian government previously said that the country's crypto legislation will pursue a balanced approach. Finance Minister TV Somanathan to discuss comprehensively and also to check what happens internationally in relation to cryptor regulation. Minister of Economics Seth told PTI that Indian cryptopolitics will only be completed after the discussion at the G20 meetings. He emphasized: "Whatever regulations are introduced unless there is a global consensus, they will not be successful. 80 % to 90 % may be successful, but it will not be a comprehensive solution."
The Economic Minister said: I assume that the discussion in the G20 forum will begin in the current year about a reasonable global reaction to crypto assets. The first G20 meeting of finance ministers and central bank governors is scheduled to begin on February 17 under Indonesian presidency. The second meeting of the financial officers will take place in April and the third in July. Seth also confirmed that the digital currency of the Indian Central Bank (CBDC), which is issued by the Reserve Bank of India (RBI), will be 2022-23 Reality announced by the finance minister during her budget speech. Do you believe that India will come up with a crypto -friendly regulation? Let us know in the comment area below. Bedy verification : Shutterstock, Pixabay, Wikicommons Minister of Economics discusses cryptocurrency regulation in India
Global crypto guideline and G20 meeting
