G-20 Summit 2023: Cryptocurrency rules discussed in G-20 Summit, IMF-FSB issued regulation suggestions

G-20 Summit 2023: Crypto Regulations The G-20 Summit 2023 has ended today. Many important issues have been discussed in this conference. Cryptocurrency was also discussed in this conference. The Indian government can enforce cryptocurrency regulations. Apart from this, restrictions can also be imposed on many assets. Let us know about it in detail in this report.

Crypto Regulations The G-20 Summit 2023

The G-20 summit has ended. In this conference, India has discussed extensively with other countries on many issues. After these discussions, it is expected that the Indian government can implement cryptocurrency rules. Apart from this, restrictions can also be imposed on many assets.

Ahead of the G-20 summit 2023, the IMF and the Financial Stability Board (FSB) made a strong case for a coordinated global policy action to tackle the risks posed by cryptocurrencies. On this, he had said that there should not be a complete ban on it right now. He has prepared a roadmap regarding cryptocurrency. In this, he has given suggestions regarding rules.

Regarding cryptocurrency, a senior official said that if the country wants to make strict regulations regarding it, then it can prepare regulations regarding the ban. Further, he said that there has been support for the rules of this cryptocurrency in the G-20 conference.

Rules will be made for cryptocurrency

Cryptocurrency is being used extensively in India for tax evasion and money laundering. The country's central bank i.e. RBI has asked for a complete ban on cryptocurrencies like Bitcoin and Ether. They believe that this currency is akin to gambling.

A senior official of the country said that it would be difficult for any country to ban cryptocurrencies. To ban this, it is very important to have the consent of the entire country. For this, all countries will have to follow the regulations mentioned in the IMF-FSB paper.

Regarding banning cryptocurrency, in the G-20 conference, all the countries were asked to go ahead if they want to ban it. If no country imposes a ban then it will be very difficult for a country to ban it. We will have to take a gradual decision to ban cryptocurrency. It is not easy to take a decision on this.

2023 Annual Meeting of the World Bank and IMF

The fourth meeting of the G20 Finance Ministers and Central Bank Governors is scheduled to take place in Marrakesh, Morocco from October 9-15 on the sidelines of the 2023 annual meetings of the World Bank and the IMF. The effect of cryptocurrency is also visible on the stock market. It acts as a depository and clearing system.

The purpose of regulation regarding cryptocurrencies is to ensure that risks are well managed. Any country that feels they have more risk can impose restrictions on multiple assets. If all countries agreed to the same regulation there would be no arbitration.

The IMF-FSB said in its paper that its proposed regulation implements the principle of "like activity, like risk, like regulation".

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