India To Decide On Crypto, IMF-FSB Paper To Act As Bottom Line: Official
India will decide on cryptocurrency regulations after discussions with other countries, with a senior official suggesting a blanket ban. The IMF and FSB have argued for a coordinated global policy action to address cryptocurrencies’ risks, but India will decide after G20 leaders’ summit.
The International Monetary Fund (IMF-FSB) has proposed a roadmap for countries to implement “bare minimum” regulations on cryptocurrencies, allowing them to frame more restrictive regulations based on perceived risks. G20 leaders have endorsed the roadmap, and ministers and governments are expected to discuss its implementation. The decision on how to proceed will be made in the coming months. The IMF-FSB paper emphasizes the risks associated with cryptocurrencies, as they share the same depository and clearing systems as stock markets. The proposed regulation applies the principle of same activity, same risk, same regulation, establishes a minimum baseline for jurisdictions, and aims to address common issues across most jurisdictions.
(With inputs from Shikha Singh)
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