India will try to forge consensus on roadmap to regulate crypto at G20: DEA

business-standard.com:

Amidst turmoil in crypto currencies market, India is working with the Financial Stability Board (FSB) so that a consensus on a roadmap for regulating virtual assets could be agreed at during India's G-20 presidency itself, Economic Affairs Secretary Ajay Seth said on Thursday.

India as assumed G-20 presidency for 2023. The G20 is a premier forum for international economic cooperation that plays an important role in global economic governance.

In an interview to PTI, Seth said that an IMF paper on crypto assets was discussed among emerging economies on January 15 and 16 in Delhi.

"We had a one-and-a-half day workshop. Thereafter, they are drafting a paper for a seminar, which will be conducted on the sidelines of G20 Finance Ministers and Central Bank Governors meeting in Bengaluru that is scheduled on February 23," he said.

That seminar is intended at arriving at a policy consensus on crypto assets, he said.

At the same time, he said, "We are also working with the FSB and the idea is that during India's presidency at least the policy stance to crypto assets as well as the roadmap for regulation is broadly agreed upon among the G-20 members." Finance minister Nirmala Sitharaman at various occasions had said that India will press for collective efforts to deal with the spillovers of happenings in advanced economies as well as global regulation of crypto assets to check terror funding under its G20 presidency.

The minister outlined eight areas, including reforms in multilateral institutions and food and energy security, for discussion under its G20 presidency which has begun from December 1.

The recent collapse of the crypto exchange FTX and the ensuing sell-off in the crypto markets have placed a spotlight on the