Finance ministers and central bank governors are gearing up for the final meeting during India’s G20 presidency, happening on October 12 and 13 in Marrakesh, Morocco.
One of the major topics on the agenda is creating a roadmap for regulating cryptocurrencies. India wants to make sure that the issues outlined in the New Delhi Declaration, including establishing a framework for crypto regulations, move forward.
Before the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, India’s Finance Minister, Nirmala Sitharaman, held a meeting with the heads of Multilateral Development Banks (MDBs) and the co-conveners of the G20 independent expert group, NK Singh.
G20 to Discuss Crypto Regulation Roadmap
Finance ministers and central bank governors are going to talk about a roadmap. This roadmap aims to create a well-organized set of rules and regulations specifically for cryptocurrencies.
These discussions are really important because digital currencies are changing fast, and countries need to work together to deal with the challenges and opportunities they bring.
G20 countries have also called for quick action on something called the Crypto-Asset Reporting Framework (CARF) and changes to the ‘Common Reporting Standard’ (CRS).
CARF is a way to report tax-related information about cryptocurrency transactions. The main goal is to share this information automatically with the country where the taxpayer lives every year.
Indian Crypto Exchanges Hope for Clear Regulations Post-G20
The G20’s statement about crypto assets has given hope to local cryptocurrency platforms in India. They’ve been waiting a long time for clear rules about cryptocurrencies.
However, it will still take some time for these rules to become real in India. But the government is interested in making progress in that direction. Indian crypto platforms are asking for self-regulatory organizations.
Recently, during a speech at the Global FinTech Fest 2023, Shaktikanta Das, the Governor of the Reserve Bank of India, encouraged fintech companies to create their own self-regulatory organization.
Despite the uncertainty about regulations and high taxes, India has ranked as the top country in Chainalysis’ Global Crypto Adoption Index.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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