Crypto regulation is something that has been a very big discussion point since a very long time now and as things are brewing every now and then in almost all parts of the world it is pretty evident that new sorts of rules and regulations are bound to be rolled out quite often without a doubt. Although bringing in regulations do serve a bit of clarity on whats to be done and what to be avoided which currently is a much cluttered affair as different authorities around the globe has different things to say about the same market.
A total global collaboration in setting up rules and regulations is what is the need of the hour as many experts do say technology does not abide borders so it must be a collective effort. Recently in a major development India has revealed that crypto is going to be an aspect to be discussed in the upcoming G20 for which the documents are being prepared by the IMF in collaboration with New Delhi.
The 2023 G20 summit is being hosted by India and they've revealed that they're working with IMF on aspects of the monetary policy and the policy approach to crypto assets, which is going to be a topic of discussion in the summit. This is going to be a big step for sure as the Top 20 economies of the world will be present in the forum and crypto being talked is going to be a big aspect to keep an eye on. The basic approach by India is pretty unclear as far as crypto is concerned but one can make a guess by the heavy taxation norms that were imposed on crypto just a few months back in the country.
The session is going to be over a 2 hour seminar where the crypto assets on the policy response is going to be the key discussion for which IMF is preparing the documents that will serve as the base of talks among nations.
Indian Finance Minister, Sitharaman said "We are also looking at a global SOP (Standard Operating Procedure) to be available to be agreed upon for regulating crypto assets". So, it is pretty clear that India is looking for a global consensus on the crypto subject as it will definitely be reducing quite a lot of existing confusion because of difference in approach by countries towards crypto.
Sitharaman also said that, "it is going to be the central bank of the country which will be the authority to issue crypto currencies." This clearly states that the firms developing crypto tokens will be requiring a government approval to get there coin in the market of the country.
As of now everything is just too complex and not uniform across different authorities, just like if you compare in India it is taxed heavily on the other hand there are countries which offer tax rebate for paying in crypto. So this G20 summit is going to be a crucial one as a lot of nations are going to be present in the forum and the major economies might come to a consensus and we might finally see some sort of regulations for everyone involved in crypto.
People do have a fear about the regulations being put in place as it might hamper the core concept of crypto and blockchain that is to be remaining decentralized but one must also take into consideration the FTX exchange saga which is arguably the worst tragedy in the crypto market, if it had to.
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Crypto has been underestimated from the beginning by the authorities, and now they are trying to get a handle on it. By banning or regulating cryptocurrency all they do is push innovation outside of their borders.
For sure, the only thing they are trying to do is somehow downplay the crypto thing entirely by forcing people out of it which they are doing by placing strict regulations as well as heavy taxes too
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