India, under its ongoing G20 Presidency, is spearheading the process of formulating crypto laws that would work uniformly on an international level and make the sector safer against crimes and misuse. In a fresh development, Indian finance minister Nirmala Sitharaman has disclosed that the three-month period between April and July will be crucial in giving the global crypto rules effort a concrete definition. The World Bank as well as the International Monetary Fund (IMF) are also onboard with India and other members of the G20 nations to weigh in on these under-development laws.
Sitharaman, during a press conference on Friday, April 7, said that the IMF and the World Bank will be opening discussions around crypto during their Spring Meeting that will be held later this month in Washington DC, US.
“Step by step on crypto, there’s enough work going on,” the Indian finance minister noted.
The IMF has been working on a paper in consultation with India which will focus on aspects of the monetary policy and the policy approach to crypto assets. The World Bank has been drafting its suggestions and concerns around the crypto sector in its own thesis.
In July, consultation papers from global finance bodies will be tabled for discussion before India and the other G20 nations.
A video of Sitharaman sharing more details on the ongoing crypto policy work is making the rounds on Twitter.
BREAKING:flag-in::rotating_light:: India’s Finance minister Nirmala Sitharaman talking about the creation of global policy approach on Crypto
The world bank & IMF meeting on #crypto will take place in April 2023.
Also said that step by step on crypto, there is enough work going on. #blockchain pic.twitter.com/9odHl2LUBJ
— Bitinning (@bitinning) April 7, 2023
India is currently working with G20 members to create a detailed plan to help the sector grow. Detailed studies on crypto mining, transactions, and other activities are under way.
Since crypto transactions are instant and largely untraceable, the fear around it being misused for criminal purposes like terror financing and money laundering has stirred concerns for several governments around the world.
Currently, while crypto activities and profits are taxed in India and several parts of the world to maintain some track records of the transactions, the sector is unregulated globally.
The world governments are also looking to ensure that the use of crypto does not threaten the financial powers currently at disposal of the central banks.