Modi Discussed Crypto Standards at G20 Summit – A Look at How They Apply to Indi

[Sakshi10]

India’s Prime Minister Narendra Modi participated in discussions on crypto assets at the G20 leaders’ summit in Osaka, Japan. At the conclusion of the summit, the leaders of the G20 countries jointly declared their.....read more

https://www.cryptoknowmics.com/crypto/modi-discussed-crypto-standards-at-g20-summit-a-look-at-how-they-apply-to-india/

[eaLiTy]

Still not sure whether India will apply the FATF standards, there is no clarity on how the government will view the market, there are contradicting news coming out on a daily basis on how they plan to move ahead and it is not a good sign for any business owners to have a volatile situation, if they  implement the FATF standard then the draft about sending people to jail for merely holding crypto asset will be a joke. Lets see how these drama unfolds and i really care less about the status in India at this moment  .

[kryptqnick]

India’s Prime Minister Narendra Modi participated in discussions on crypto assets at the G20 leaders’ summit in Osaka, Japan. At the conclusion of the summit, the leaders of the G20 countries jointly declared their.....read more

https://www.cryptoknowmics.com/crypto/modi-discussed-crypto-standards-at-g20-summit-a-look-at-how-they-apply-to-india/

It seems to be good news. Regulations can be tough at first, but at least they are an attempt to legalize the market. It's good for India in comparison with the recent events with the ban and some exchanges shutting down. And G20 summit is, of course, important not only to India but to countries all over the world. This marks the decision of accepting cryptos in on a condition of making sure they're not used for financial crimes. It's could be way worse with countries agreeing to fight against the currencies and declaring them financial pyramids or something like that. And with time regulations can get more appropriate and effective with fewer troubles for average users.

[romero121]

As mentioned regulations were a must than an impose of ban. India being a country with the increased population can make a big change in the crypto market if people begin to use it same as Japan or other countries that have got good support on usage of bitcoin. Same time when things get regulated surely the growth won't be that effective as that in a decentralized platform. Right now India contributes very small to the cryptocurrency market. Fearing regulations more people never have a look over the cryptocurrency for investment as well for other needs. Maybe that group of people will get into cryptocurrency usage if the regulations were made effective.

[dothebeats]

There's just too much news going on in different sides of the market that it's hard to keep track which is which, though I still believe that India would reconsider their initial decision on banning cryptocurrencies. At the least, Modi is open for suggestions and is currently looking for options, not just outright placing the nail on the coffin which, IMO, is a bad move. I just hope that this turns out to be positive, so as not to waste everyone's time waiting for a decision only for it to be rejected (I'm looking at you, SEC).

[Nalbo]

Crypto was one of the major topic for this G20 summit and this is not the first time crypto have found interest in G20. It seems like G20 would be the leading platform to establish crypto standards which would be then accepted worldwide. It's great to see the most powerful of head of states discussing about the good and bad and use of crypto. This makes the future of crypto much more certain.

[tsaroz]

This was one of the best thing that have happened to crypto world. Head of states of 19 countries and the EU declaring crypto is not a threat to global financial stability and openly accepted crypto as a payment is coming. Though they heavily focused on monitoring, regulations are not necessarily a bad thing for regular users and investors.

[Kakmakr]

Here is a link to the FATF guidance on crypto assets - http://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf and these are the 39 Members of the FATF - https://www.fatf-gafi.org/about/membersandobservers/ that would use these guidelines to address regulations regarding Crypto currencies in their countries. 

The fact that a Bitcoin-friendly country hosted the G20 Summit counted in Bitcoin's favor, because countries like India was not really open for discussion on Bitcoin in the past. 

[pakhitheboss]

There is so much mix news coming out from India on a daily basis. Once there was a News of a draft bill to be proposed for Banning Crypto and those holding them with rigorous punishment of 10 years and now this new news which is making the headlines.

The government has already created an atmosphere of uncertainty when RBI banned all Indian exchanges from operating with the local Banks. There is too much confusion being created in the minds of Crypto enthusiast in India. This is not a good sign for those who believe that this government is planning something positive for the crypto community.

Almost all Indian exchanges have either stopped their operation in India or have moved to a different location. Those few startups are struggling hard to stay afloat amid this uncertainty.

My request to the Indian Government either you Ban Cryptocurrency or bring a bill proposing regulation. Do not leave it like this, it is not only hurting the crypto community but, also destroying the progressive image/approach this government took in 2014 when it first came into power.

[Haunebu]

As expected, the whole 10 year jail proposal is bullshit and was meant to intimidate crypto investors and nothing more. I personally do not like the current Indian government, but even they are not stupid enough to implement such a dumb proposal.

India is a free country(to some extent) and this proposal goes against that entire concept which is why people need to stop going crazy about it. The Supreme Court needs to deliver a positive verdict and regulations need to be set in place asap in order to help embrace crypto.

[avikz]

As expected, the whole 10 year jail proposal is bullshit and was meant to intimidate crypto investors and nothing more. I personally do not like the current Indian government, but even they are not stupid enough to implement such a dumb proposal.

India is a free country(to some extent) and this proposal goes against that entire concept which is why people need to stop going crazy about it. The Supreme Court needs to deliver a positive verdict and regulations need to be set in place asap in order to help embrace crypto.

It's too early to say brother! FATF is an intergovernmental agency and it has nothing to do with the internal policies! If the government wants to ban it, they can still do that! However, I believe we will have a little better clarity on this entire crypto scenario tomorrow during budget announcement.

In the meantime, I request you all to see the video from Crypto Kanoon to get more insights about this entire situation,

https://youtu.be/nv9gdN8ua6Q

[squatter]

The fact that a Bitcoin-friendly country hosted the G20 Summit counted in Bitcoin's favor, because countries like India was not really open for discussion on Bitcoin in the past. 

Japan isn't a "Bitcoin-friendly" country. They are a nanny state hellbent against privacy and free market speculation, and they are creating huge barriers to market entry for service providers.

This is exactly how regulation strangles innovation. The whole point is to bankrupt small businesses with compliance costs and consolidate the market in favor of a handful of large whitelisted entities. These entities can be easily pressured and controlled by the government.

[timerland]

Still not sure whether India will apply the FATF standards, there is no clarity on how the government will view the market, there are contradicting news coming out on a daily basis on how they plan to move ahead and it is not a good sign for any business owners to have a volatile situation, if they  implement the FATF standard then the draft about sending people to jail for merely holding crypto asset will be a joke. Lets see how these drama unfolds and i really care less about the status in India at this moment  .

I don't think that accepting FATF standards will necessarily "contradict" what the Indian government will do in their quest of trying to stop the crypto industry altogether, which they are attempting to do by cutting off any connection of the crypto industry to the traditional banking system through RBI restrictions.

My understranding (correct me if I'm wrong) is that these G20 regulations, if they are passed, are simply a set of minimums that countries have to abide by when it comes to KYC/AML etc.

So in that sense, it is certainly not a mutually exclusive event that a country may on paper accept G20 regulations, but in turn tighten their own regulations so much to the point that they cripple the entire bitcoin business sector within their country altogether. Essentially, that's the goal that the Indian government is aiming for, bar a sudden change of heart in the court hearing (which I doubt will be the case).