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India will set the agenda for the year, identifying themes and areas of economic growth.
India has made it clear that cryptocurrency regulation will be a top concern during the country’s year-long presidency of the G20, which starts next month.
The third goal of India’s G20 Presidency is to find “consensus-based solutions for accelerating the scale and scope of the global community’s response to many transboundary challenges, such as regulation of virtual assets,” according to V. Anantha Nageswaran, the government’s chief economic advisor.
Nageswaran made those remarks on Tuesday at an annual gathering of the Indian Council for Research on International Economic Relations (ICRIER) on the upcoming G20 Conference. Nageswaran was filling in for Ajay Seth, the secretary of the Department of Economic Affairs and the top official in the Indian Finance Ministry in charge of crafting the G20 Conference’s narrative.
With the presidency, India will now play a significant role in establishing global cryptocurrency legislation. The Indian government has, however, approved a tax regime that has been met with severe criticism from the local industry.
India’s central bank has also called for a ban on cryptocurrencies, including the biggest ones on the market (Bitcoin, ETH, BNB, XRP, etc.), contrary to reports which suggested that some coins were going to be overlooked with regard to the rate at which they are used.
India effectively banned cryptocurrency trading in 2018, instructing its banks to stop serving customers who were exchanging digital currencies.
Despite the ban being overturned by the Supreme Court in 2020, the government, including the Reserve Bank of India (RBI), continues to be open about its displeasure with cryptocurrencies.
As hosts, India will set the agenda for the year, identifying themes and areas of economic growth. Cryptocurrency will be on the agenda, according to India’s Finance Minister, Nirmala Sitharaman, but this may be the first time it will be a top priority.
The G20’s Finance Track includes meetings between the central bank governors and finance ministers. According to local media, the Finance Track will host about 40 meetings covering topics such as worldwide financial architecture.
Additionally, the “Sherpa Track” is a part of the process wherein senior members of the staff of the heads of state and government serve as negotiators known as “Sherpas” and prepare for the summit. About 100 official meetings are anticipated under the Sherpa Track to be focused on topics like jobs, health, and the digital economy. In the process, Seth and Nageswaran might both be viewed as Sherpas.
The G20 is an intergovernmental forum consisting of 19 economies and the European Union. The group is currently being presided over by Indonesia. Along with assuming the G20 chair in December, India will also play host to the G20 Leaders’ Summit for the first time in 2019.