In the past year there has been an increasing pressure on many major countries part of the G20 to regulate cryptocurrencies. As per the declaration signed by all the countries including India:
“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.”
You can read the entire document titled "G20 Leaders’ declaration Building consensus for fair and sustainable development" here!
India at the meeting has shown consensus with the rest of the countries to regulate crypto-assets. But what does it really mean?
India has signed a pact that also states that cryptocurrencies need to be regulated at G20 but it's not legally binding ofcourse! This means that India is in agreement with other countries that cryptocurrencies must be regulated.
But, at any point this doesn't imply that India is obligated legally or morally to legalise cryptocurrency, let alone regulate it in any way. But I think it might be likely we'll see India upholding this in the months to come.
Some of the G20 members have already taken steps to regulate/legalise cryptocurrencies. But, India hasn't done anything so far other than create issues for crypto-businesses operating out of the country by banning banking services to them.
However, this consensus is a major step towards considering legalising cryptocurrencies because people have voiced their opinion-that we want cryptos to be legalised!
While this news seems positive we don't really want governments over regulating this space. Knowing what to do is just as important as how much of it needs to be done!
The good news is that the government is considering all the possibilities. It's hard to say which way it will go but we know for a fact that the government is holding meetings in December and January regarding crypto-assets. This is likely to take place before the 15th of January date of hearing at the Supreme Court.
Meanwhile, go to twitter and tweet to our finance minister to bring a pro-cryptocurrency regulation at the earliest.
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Hope for the best I really wish that government should come up with great idea so that we all can do transaction freely as we all know that no one can stop bitcoin, rather why not go with it.
@firepower do consider upvoting me or some small minnows as it will really help us.
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thanks firepower sir, for update about crypto-currency government is considering all the possibilities this The good news government is holding meetings in December. government bring a procryptocurrency regulation at the earliest.
This is likely to take place before the 15th of January date of hearing at the Supreme Court.
but i hope and wait .
Glad to hear that a if you can't beat 'em join 'em mentality is finally creeping in, @firepower.
Our government is usually following instead of leading when it comes to issues like these.
Digital Note lane ke plan
Wonder wonder wonderful News @firepower. now i will not have prefer any news paper or blog for crypto news. @firepower is Enough in steemit platform for me, thats my line.
This article bring a little peace to my state of mind. Anyways, How crypto will counter financing of terrorism?
Very well said in one of the comments ," India is always following and let other countries advance on modern technologies". Whether it was dot com revolution or blockchain, our government was always skeptic about new technologies and its implementations. The countries like Malta, Indonesia ect. have adopted crypto up to certain extent whereas our RBI boycotted crypto entirely.
We all are looking forward to the next hearing.
Appreciation!
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India can actually leverage crypto for powering our businesses. Allowing conversion of two or three top cryptos to rupees with just a nominal tax - maybe .05% on conversion would attract money to Indian markets. And RBI is tracking rupees all the way. But who would think like this??
Great post!
Let's hope for the best ...
Good news from G20 Summit.
I sure hope there will be a positive outcome. Thanks for writing about this.
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