Progressing towards regulation on Crypto under India's G20 presidency: FM

business-standard.com:

Union Finance Minister Nirmala Sitharaman on Saturday said that the government is progressing towards regulation on Crypto Currency under India's G20 presidency.

Responding to a question from ANI regarding a consensus among the G20 countries on crypto assets during Indian Presidency, Nirmala Sitharaman said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop."

"Recognizing the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said.

According to the chair's summary, released at the end of the two-day meeting of the Finance Ministers and Central Bank Governors (FMCBG) on Saturday, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets.

"I am glad to say one thing that there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now getting also acknowledgment from so many different members. People recognise that the technology is very useful for fintech," Sitharaman said after the conclusion of