India will implement crypto-related regulations this year, according to a government official

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According to Ajay Seth, the Economic Affairs Secretary for India, the country will implement “measures around crypto” this year.

The G20 conference of finance ministers and central bank governors, according to India’s finance minister, will debate cryptocurrency regulation.

This year, India might implement crypto measures.

At a post-budget press conference in Mumbai on Saturday, India’s Economic Affairs Secretary Ajay Seth reportedly declared that the country would implement “measures around crypto” this year.

He was quoted by local media as saying, “The technology of crypto assets like blockchain and others can be employed, but its usage in the financial industry can have numerous concerns.”

The Economic Affairs Secretary continued, saying that nobody in India was discussing adopting cryptocurrency as money.

For several years, the Indian government has been developing crypto legislation.

India and G20 nations will discuss cryptocurrency legislation.

In a post-budget interview with Network18 Group on Friday, Indian Finance Minister Nirmala Sitharaman allegedly said she would consider looking into adopting a worldwide standard operating procedure (SOP) for regulating crypto assets in the upcoming G20 summit.

The inaugural meeting of the G20 finance ministers and central bank governors is slated to take place on February 24 and 25 in Bengaluru, under India’s leadership.

The central bank will be acknowledged as the authority for issuing cryptocurrencies, and we will be looking at a global SOP to be available and agreed upon for regulating crypto assets.

Even such issues need to be examined because legislation cannot be implemented by a single nation because technology knows no borders, the finance minister said.

Last week, Sitharaman did not mention cryptocurrency in her address on the budget.

Another important point made in this year’s Economic Survey 2023 was the requirement for “a common approach to regulate the crypto ecosystem.”

Shaktikanta Das, governor of the Reserve Bank of India, recently noted that cryptocurrency might compromise the central bank’s authority and that, if not outlawed, it might trigger the next financial catastrophe.

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