Crypto: India will take decision on crypto regulation after discussion with other countries, G20 leaders supported the recommendations

India will decide on implementing regulations to monitor cryptocurrencies after extensive discussions with other countries. A senior official gave this information on Sunday. Also, it refused to ban such risk assets.

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) last week pushed for a coordinated global policy to tackle cryptocurrency risks ahead of the G-20 leaders’ summit. The FSB had said that cryptocurrencies should not be banned completely. Also, the IMF and FSB have suggested creating less stringent rules along with creating a roadmap.

The G-20 leaders have endorsed the FSB’s recommendations, the official said. Now ministers and governments will discuss and take it forward. We expect there will be considerable discussion on ways to implement the recommendations rapidly and comprehensively. He said that India has a good framework to take decisions and move forward. How far the country wants to go in this direction will be decided in the coming months. India has been pushing for global regulation on cryptocurrencies to tackle tax evasion and money laundering. Bureau

It is very difficult to impose restrictions on any one country.

If a country wants stricter regulation, it can create more restrictive regulations based on the risks posed by cryptocurrencies, the official said. If you (a country) want to impose a complete ban, you can do so. But, it may be quite difficult for a country to ban a risk asset if the rest of the world does not ban it.