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India’s $3 Trillion Economy Takes a Crypto Turn: No Bitcoin Ban, But Strong Regulations Ahead

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  • G20 nations officially endorse FSB’s crypto regulations, moving away from a blanket cryptocurrency ban.
  • India’s stance on cryptocurrency shifts, aiming for strong regulations in alignment with international consensus.

In a recent development, the G20 member countries have openly supported the cryptocurrency regulatory recommendations made by the Financial Stability Board (FSB). This move signifies a notable deviation from previous discussions about an outright ban on cryptocurrencies.

“This endorsement by G20 nations is a monumental step towards embracing the future of finance, while ensuring its secure and regulated growth,” said an expert in the field.

This shift in perspective holds considerable implications for the Indian cryptocurrency sector, offering an optimistic view for crypto investors in the country. The central bank’s earlier viewpoint of enforcing a complete ban on cryptocurrencies is now being reconsidered, as reported in an online article by the Decan Herald.

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India Advocates for Coordinated Global Crypto Regulations

An unnamed government official highlighted the importance of synchronized actions among the G20 nations in the crypto regulatory domain. Internationally, India has been a proactive supporter of establishing a shared understanding on cryptocurrency regulations within the G20 framework. The official stated that India had been the first to suggest adding cryptocurrency discussions to the G20 agenda. Furthermore, the Indian government is also emphasizing fostering agreements on crypto regulations among nations outside of the G20, aiming to broaden these deliberations beyond just the primary G20 participants.

Domestic Developments Align with International Consensus

On the national front, the Indian government is keen on developing regulations that resonate with the consensus reached through global forums. This approach marks a pivotal shift from earlier times when institutions like the Reserve Bank of India staunchly supported the prohibition of cryptocurrency. A government representative mentioned that while the regulatory framework for cryptocurrency is prepared, the emphasis should now shift towards its actual implementation. Additionally, Ajay Seth, the Economic Affairs Secretary, informed the media about the official endorsement of the crypto regulation roadmap from the FSB and IMF by G20 leaders. Upcoming discussions on crypto regulations are expected to be a central topic during the forthcoming meeting of the G20 Finance Ministers and Central Bank Governors next month.

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