Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Markets / Cryptocurrency/  Crypto at G20 Summit: What's next for cryptocurrencies amid calls for ban
BackBack

Crypto at G20 Summit: What's next for cryptocurrencies amid calls for ban

RBI Governor Shaktikanta Das recently said that some members of the G20 said that a complete ban on crypto should be considered

A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration. (REUTERS)Premium
A representation of the virtual cryptocurrency Ethereum is seen among representations of other cryptocurrencies in this picture illustration. (REUTERS)

Cryptocurrency remains one of the most booming forms of investments among young investors. However, crypto investors may land themselves in trouble amid a push by Group of 20 (G20) president India to regulate cryptocurrencies.

Reserve Bank of India (RBI) Governor Shaktikanta Das has said that some members of the G20 said that a complete ban on crypto should be considered.

At the conclusion of the two-day meeting of finance ministers and central bank governors in Bengaluru, the RBI Governor said, "There were opinions expressed saying that the option of a ban or prohibition should also be considered."

“I strongly believe that the G20 summit 2023 offers a great opportunity for creating a global consensus around crypto regulations led by India. The crypto regulations in India have been in a grey area since the historic judgment by the honourable supreme court of India in March 2020 and there is an urgent need to have a clear set of policies for digital assets in India," said Shivam Thakral, CEO of BuyUcoin.

“Some of the critical points which need immediate attention from policymakers are defining crypto as a security/commodity/asset class, regulating fiat pegged stablecoins, protecting retail investors, licensing regime for crypto exchanges, and regulatory monitoring for companies involved in the business of digital assets. India is positioned to lead efforts in global crypto regulations, so adopting an industry-supporting stance will help us achieve the $5 trillion economy dream within this decade," the BuyUcoin CEO added.

Meanwhile, India has proposed a joint technical paper by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for help in the formulation of a coordinated and comprehensive policy approach to crypto assets.

Apart from the financial integrity concerns, the Indian G20 Presidency aims to broaden its discussion on cryptocurrency assets and intends to capture the macroeconomic implications and widespread crypto adoption in the economy.

“The Indian digital asset industry is looking at the G20 Summit with a lot of hope, and the onus lies on our policymakers to accommodate the aspirations of young entrepreneurs, users, and the entire workforce employed in the crypto/blockchain ecosystem," said Manan Vora, SVP of Strategy and Business Operations, Liminal.

“India ranks 6th in the world in terms of digital asset ownership (as per the Tipalti report). Despite the lack of regulations, this data shows that the Indian population understands the nuances of the digital asset industry and is equipped with the right set of tools to make wise decisions," Vora said.

He added, “On the other hand, digital asset tax has emerged as a significant source of tax revenue for the government since the formal tax regime was introduced last year. If regulated, the digital asset industry is capable of creating a lot of jobs, hence, contributing to the country’s economy."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Feb 2023, 01:35 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie