Government engaging with G-20 countries on policy approach to Crypto Assets

The Government is engaging with G-20 countries to build international coordination on policy approach to crypto assets. This was stated by the Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha.

The Minister went on to say that the Indian Presidency offers a chance to put many goals on the table for international cooperation, including a priority on crypto assets. Since cryptocurrencies are by definition borderless, international cooperation is necessary to prevent regulatory arbitrage. Hence, the Minister said, any legislation for regulation or for banning can only be effective with major international collaboration on assessing the benefits and hazards and driving the development of common taxonomies and standards.