Government Official Discusses Indian Crypto Policy, Global Regulations, G20 Meeting – Regulation Bitcoin News

India’s economic affairs secretary Ajay Seth provided an update on what the Indian government is doing in terms of finalizing cryptocurrency legislation. He expects crypto regulation to be discussed at the upcoming G20 meeting for finance ministers and central bank governors.

Secretary for Economic Affairs Speaks on Cryptocurrency Regulation in India

India’s economic affairs secretary Ajay Seth reportedly shared the progress of cryptocurrency legislation in India in an interview with PTI, published on Friday.

A cryptocurrency bill was list to be considered in the winter session of parliament, but it was not taken up again. Many people in the cryptocurrency industry are now eagerly awaiting to see when the Indian government will come up with a cryptocurrency bill.

Responding to a question about whether the government would introduce crypto regulation in the parliament’s budget session, Secretary for Economic Affairs Seth stated:

Regulation or prohibition, whatever it is, is brewing an appropriate political response to crypto assets.

Regarding when the crypto legislation will be introduced, he replied: “How long? I am unable to put a finger on. I don’t see this happening in the Budget session for sure. Work is in progress.”

The economic affairs secretary further revealed what the Indian government is currently doing in terms of finalizing cryptocurrency legislation.

“Right now, we are engaging with various stakeholders, especially institutional stakeholders and not crypto stakeholders,” he detailed, adding:

Stakeholders with mandates on monetary policy, fiscal policy, financial stability and development economics are in touch.

Global Crypto Policy and G20 Meetings

The Indian government has previously said that the country’s crypto legislation will take a balanced approach. Finance Secretary TV Somanathan saying last week, the government’s approach is to consult widely and also look at what is happening internationally in terms of crypto regulation.

Economic Affairs Secretary Seth told PTI that the Indian crypto policy will not be finalized until after discussion at the G20 meetings. He emphasized: “Whatever regulations are introduced, unless there is a global consensus, they will not succeed. It may be 80% to 90% successful, but it will not be a comprehensive solution.”

The Secretary of Economic Affairs opined:

I hope that in the current year the discussion will begin in the G20 forum on the appropriate global response to crypto assets.

The first G20 meeting of finance ministers and central bank governors is scheduled to start on February 17 under the chairmanship of Indonesia. The second meeting of the finance chiefs will take place in April and the third in July.

Seth also confirmed that the Central Bank of India Digital Currency (CBDC), which will be issued by the Reserve Bank of India (RBI), will be a reality in 2022-23 as Announced by the finance minister during her budget speech.

Do you think India will introduce crypto-friendly regulation? Let us know in the comments section.

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kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects, and the intersection between economics and cryptography.

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