Government official discusses Indian crypto policy, global regulations and G20 meeting
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.
Economic Affairs Secretary Discusses Cryptocurrency Regulation in India
Indian 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 listed for consideration in the winter session of parliament, but it was not picked up. Many people in the crypto industry are now eagerly waiting to see when the Indian government will introduce a crypto bill.
Responding to a question on whether the government would introduce crypto regulations during the budget session of Parliament, Economic Affairs Secretary Seth said:
Regulate or prohibit, whatever it is, an appropriate policy response to crypto assets is being crafted.
Regarding when crypto legislation will be introduced, he replied, “How soon? I am unable to put my finger on it. I don’t think that happens in the budget session. Work is underway. »
The Economic Affairs Secretary further disclosed what the Indian government is currently doing in terms of finalizing the cryptocurrency legislation.
“Right now, we are interacting with various stakeholders, especially institutional stakeholders and not crypto stakeholders,” he detailed, adding:
Stakeholders who have the mandate on monetary policy, fiscal policy, financial stability and development economics are in contact.
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 said last week that the government’s approach was to consult widely and also look at what is happening internationally in terms of crypto regulation.
Economic Affairs Secretary Seth told PTI that India’s crypto policy will only be finalized after discussion at G20 meetings. He stressed, “Whatever regulations are introduced, unless there is global consensus, they will not succeed. It may be 80%-90% successful but it won’t be a complete solution.
The Secretary for Economic Affairs said:
I expect that in the current year the discussion will start in the G20 forum on the appropriate global response to crypto assets.
The first G20 meeting of finance ministers and central bank governors is due to start on February 17 under the chairmanship of Indonesia. The second CFO meeting will take place in April and the third in July.
Seth also confirmed that the Central Bank of India (CBDC) digital currency, to be issued by the Reserve Bank of India (RBI), will be a reality in 2022-23, as announced by the Minister of Finance during her budget speech.
Do you think India will come up with crypto friendly regulation? Let us know in the comments section below.
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