India States IMF is Working with G20 for Crypto Regulation plan

• Indian EA official Ajay Seth revealed that the IMF is working on a paper focussing on crypto assets in consultation with India.
• Indian government is helping Financial Stability Board to ensure that the crypto regulatory framework is ‘agreed upon’ among the G-20 members.
• A 135-minute seminar on crypto assets on the policy response will be held at a G-20 meeting later this month.

According to the latest reports, India revealed that the International Monetary Fund (IMF) is working with G20 on a framework that would define crypto regulations.

On Thursday, Economic Affairs Secretary Ajay Seth revealed that the IMF is working on a paper in consultation with India which will address monetary policies and the policies on crypto assets.

Seth added that the government is also cooperating with the Financial Stability Board (FSB) to make sure that the policies and regulatory framework for digital assets are ‘agreed upon’ among the G-20 members.

Speaking more about the revelation, Ajay Seth added:

We had a one-and-a-half-day workshop. Thereafter, they are drafting a paper for a seminar, which will be conducted on the side-lines of G20 Finance Ministers and Central Bank Governors meeting in Bengaluru that is scheduled on February 23.

Seth informed media officials that a 135-minute seminar on crypto assets on the policy response will be held at a G-20 meeting later this month. Stressing the point that Crypto assets are not illegal in India, he added that the question of the legality of cryptocurrencies will come only if something is declared illegal.

It is also reported that between 15 Jan and 16, the IMF paper on crypto assets was talked about among major economies in a recent meet-up in Delhi. India is likely to present the regulatory framework at the upcoming G20 meeting. Note that India is presiding over the G-20 for 2023, which began last year on December 1, and will end on November 30, 2023.