We have recently reported extensively on cryptocurrency regulation efforts in the United States. The Security and Exchange Commission (SEC), led by Gary Gensler, has aggressively pursued various crypto firms and numerous government voices have been very vocal about the need for regulation.
What is the situation in India, a country with 1.4 billion people? Over there, cryptocurrency assets are also presently unregulated, and the Indian government does not officially recognize cryptocurrency exchanges.
Union Finance Minister Nirmala Sitharaman emphasized that all nations must be on board for any regulating system in order for it to be effective, pointing out that bitcoin as a technology is borderless in nature. and that it thus requires “international collaboration.”
On Sunday in Karnataka, she was replying to a question on cryptocurrencies in an interactive session. Because technology has no boundaries and may simply move over them, no one nation can successfully control a technology-driven cryptocurrency asset. Therefore, all nations must be on board for it to be effective since it is technology-driven by its very nature, Sitharaman added.
The underlying idea is that because digital currencies are entirely digital and technology-driven, action on them can only be taken with all countries on board because the technology is widely dispersed and identity can sometimes be difficult to establish. The G20 meeting, which is now being presided over by India, is debating bitcoin in great detail.
Interest in cryptocurrency regulation in India
Since early this year, there has been rising interest in crypto regulation in India.
In March, CoinDesk reported that in order to discuss India’s G-20 presidency and prospective possibilities for India in the Web3 sector, MPs were invited to an event called “Namaste Web3” at one of New Delhi’s five-star luxury hotels. The event was organized by the Indian exchange CoinDCX with support from the industry’s policy organization, Bharat Web3, and media site Forbes.
Senior members of the ruling party in India, including National Vice President Baijayant Panda and former Law Minister Ravi Shankar Prasad, were able to attend the meeting. It attracted a member of the lower house’s deputy leadership as well as the chair of the parliament’s standing committee on trade from the opposition benches. While politicians and government representatives have held extensive private meetings with the business, this was a unique occasion when they appeared in public, giving the sector new credibility.
Crypto and Macroeconomic Stability
A report on cryptocurrencies and how they could undermine macroeconomic stability has been published by the IMF. A report on financial stability will also be provided by the Financial Stability Board (FSB), which was established by the G-20. When G20 Finance Ministers and Central Bank Governors meet in July, their (FSB) report and the IMF report will be considered.
All eyes will now be on India’s G20 Presidency for any progress that is made in the regulation of cryptocurrencies. Sitharaman had stated that the federal government was moving toward the regulation of cryptocurrencies during India’s G20 chairmanship following the First G20 Finance Ministers and federal Bank Governors meeting in February.
She had stated that by taking into account macroeconomic and regulatory views, the G20 nations “moved closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by acknowledging the risks attached to the private virtual assets.” India has frequently argued that any legislation regulating or outlawing cryptocurrencies can only be successful after extensive international cooperation on the assessment of the dangers and rewards.
Cryptocurrencies are by definition transnational, and Sitharaman has told the Lok Sabha that this necessitates international cooperation to prevent regulatory arbitrage. Notably, in 2022, cryptocurrency prices saw extreme volatility and a number of service providers shut down. Millions of dollars’ worth of investor funds were lost in the process.
One of them was the breakdown of FTX. High-profile cryptocurrency exchange FTX shut down in November after there were allegations of money being taken from customers. The central government’s Economic Survey paper for 2022–2023 said that the recent failure of the cryptocurrency exchange FTX and the accompanying sell-off in the crypto markets had highlighted the weaknesses in the crypto ecosystem.
Early in 2023, US regulators issued a warning that there are dangers connected with crypto-assets, and that participants and banking institutions should be aware of them. These risks include fraud and scams, legal uncertainty, erroneous or misleading statements and disclosures, and volatility. The RBI, the central bank of India, is likewise not too keen on legalizing cryptocurrency trading.
Shaktikanta Das, governor of the RBI, has even stated that cryptocurrencies pose an obvious risk and that anything that generates value only from speculative activity is merely disguised speculative activity. He described it as a danger to the macroeconomic and financial stability of the nation. Das contends that cryptocurrencies have to be “prohibited” and that if they are allowed to expand, private cryptocurrencies would be the source of the “next financial crisis.” His main worries were its genesis, underlying value, and lack of transparency.
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