![\"India](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2023\/02\/indian-crypto-legislation-this-year-768x432.jpg\")
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The Indian government is planning to introduce \u201cmeasures around crypto\u201d this year, according to the country\u2019s Economic Affairs Secretary Ajay Seth. India\u2019s finance minister says cryptocurrency regulation will be discussed in her upcoming G20 meeting of finance ministers and central bank governors.<\/strong><\/p>\n India\u2019s Economic Affairs Secretary Ajay Seth reportedly said Saturday at a post-budget press conference in Mumbai that India will introduce \u201cmeasures around crypto\u201d this year.<\/p>\n \u201cThe technology of crypto assets like blockchain and others can be used but its use in the financial sector can have several risks,\u201d he was quoted by local media as saying. The official elaborated:<\/p>\n In the course of this year, measures around crypto would be brought out.<\/p>\n<\/blockquote>\n The Economic Affairs secretary added: \u201cIn India, nobody is talking about using crypto as a currency. The risks are with using it as a token.\u201d<\/p>\n The Indian government has been working on crypto legislation for several years. A draft crypto bill was unveiled<\/a> in 2019 but it was never taken up in parliament<\/a>.<\/p>\n Indian Finance Minister Nirmala Sitharaman reportedly stated Friday in a post-budget interview with Network18 Group that she will be looking at developing a global standard operating procedure (SOP) for regulating crypto assets in her upcoming G20 meeting. Under India\u2019s presidency, the first meeting of the G20 finance ministers and central bank governors is scheduled to be held on Feb. 24-25 in Bengaluru.<\/p>\n Sitharaman said:<\/p>\n We will be looking at global SOP to be available and agreed upon for regulating crypto assets while recognizing the central bank as the authority for issuing cryptocurrencies.<\/p>\n<\/blockquote>\n \u201cThe rest of the assets created outside that are using very useful financial technologies. Even those have to be discussed because regulations cannot be done by one country singularly, it has to be a collective action because technology doesn\u2019t brook any borders,\u201d the finance minister noted.<\/p>\n During her Budget speech last week, Sitharaman did not mention crypto assets. However, this year\u2019s Finance Bill included several new tax penalties<\/a> relating to crypto tax deducted at source (TDS). This year\u2019s Economic Survey 2023<\/a> also highlighted the need for \u201ca common approach to regulating the crypto ecosystem.\u201d<\/p>\n India\u2019s central bank, the Reserve Bank of India (RBI), has repeatedly recommended banning cryptocurrencies like bitcoin and ether. Noting that crypto could undermine<\/a> the authority of the central bank, RBI Governor Shaktikanta Das recently said:<\/p>\n If crypto is allowed in India, RBI will lose control over monitoring transactions. Crypto, masquerading as a financial asset, is a completely misplaced argument.<\/p>\n<\/blockquote>\n The Indian central bank governor has also warned that crypto could lead to the next financial crisis<\/a> if it is not banned. Meanwhile, the RBI is currently piloting<\/a> its central bank digital currency (CBDC), the digital rupee.<\/p>\nIndia Could Introduce Crypto Measures This Year<\/h2>\n
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India to Discuss Crypto Legislation With G20 Countries<\/h2>\n
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