India’s Finance Minister Nirmala Sitharaman has revealed the development of a joint standard operating procedure (SOP) to regulate crypto-assets. She also called for a “globally coordinated approach to the regulation of crypto-assets” in her recent meeting with Kristalina Georieva, Managing Director of theInternational Monetary Fund (IMF).
G20 crypto regulation discussions underway
India’s Finance Minister Nirmala Sitharaman said on Monday at her Lok Sabha, the lower house of the Indian Parliament, that crypto mining and answered some questions about regulations.
Noting that cryptocurrencies are currently largely unregulated in India, Sitharaman explained: And independent national efforts to control or regulate it have not been effective. I raise issues and have in-depth discussions with members, after which standard operating protocols [SOPs] emerge.
The G20 (G20) consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia and South Korea. Africa, Turkey, UK, USA, European Union. G20 members account for about 85% of the world’s GDP, more than 75% of world trade and about two-thirds of the world’s population.
India’s Finance Minister said in parliament that the aim of his discussions with other G20 members was that “all countries, whether mining or trading, will work together to introduce some form of regulation.” It’s about having a consistent and comprehensive approach.” Therefore, all these are considered comprehensively. ‘ She emphasized:
We are working together to jointly create her SOP.
Sitharaman similarly told reporters on Saturday that the issue of crypto-asset regulation would be addressed at her G20 meeting chaired by India.
“Cryptocurrencies are technology driven and less human intervention,” India’s finance minister told her PTI. “We are talking to all countries that if they have to put together a regulation, no one country can put it together. “These are all part of the discussion. The discussion process is ongoing at the G20.”
It took place after a virtual meeting with Lena Georgieva to discuss the role of the IMF and other relevant international bodies in “developing a globally coordinated approach to cryptocurrency regulation.” assets,” the Indian Ministry of Finance said on Twitter. India’s economy minister, Ajay Seth, said earlier this month that the Indian government was planning to introduce measures on cryptocurrencies this year.
At his G20 Finance Ministers and Central Bank Governors meeting last October, India’s Finance Minister said, “To combat offshore tax evasion, an effective cross-jurisdictional tax reporting regime and We asked for an exchange of information,” said the Ministry of Finance of India. description at the time.
India does not have a regulatory framework for cryptocurrencies, but the government imposes a 30% tax on cryptocurrency income and a 1% withholding tax on cryptocurrency transactions. (TDS).
Earlier this month, Sitharaman presented this year’s economic survey to Congress, highlighting the need for a “common approach to regulating the crypto ecosystem.” This year’s Finance Bill also introduced new crypto tax penalties, including prison sentences for non-payment of crypto TDS.
Meanwhile, India’s central bank, the Reserve Bank of India (RBI), continues to recommend investing in crypto assets such as Bitcoin and Ethereum. RBI Governor Shaktikanta Das has warned that cryptocurrencies are a risk to the country’s financial system and could lead to the next financial crisis if not banned.
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