India Pushes for Global Crypto Regulation Under Its G20 Presidency

[pakhitheboss]

As per this article, a global Bitcoin & crypto regulation is in the making. The government of India under its G20 presidency will be presenting a synthesis paper by IMF & FSB India in the upcoming G20 meeting this weekend. Already there is a consensus on this subject. It is only waiting for its approval by the leaders.

In my opinion, if this framework gets approved anonymity and privacy would not be available for anyone dealing in cryptocurrency. Already the US is trying to pass a bill wherein all DEX will need to implement KYC norms for its users. I believe this is not going to go well among those who want to hide their identity from the government and be part of this revolution.

When approved the regulation framework around Bitcoin and cryptocurrency will be cross border and not subjected to only India. What do you guys think?

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[Bureau]

So by tomorrow end of the day or day after tomorrow we would have an idea about crypto regulation. I think our country would create a regulation on the that framework keeping in mind of the Indian crypto ecosystem. I do not think they will go ahead and copy paste the same thing as presented by the IMF and FSB. The government should discuss about it with leaders of crypto industry before making it a law. I had that inclination when our PM publicly talked about cryptocurrency regulation that it was coming. I do feel that the government will wait till next year and would pass it as a law after the general election. What do you guys think?

[elevates]

We would known our democracy and our non democratic after today. For me it seems like a normal thing as we were expecting something or the other from the government. Somehow  it seems like we gave an examination and we are eagerly waiting for the result. I am not expecting anything positive from this meeting as we an an Indian community never got what we expected
. I hop we see something positive to gain a good amount.of traffic. There was a time when this board was more active than our neighbours. At the moment it looks like a past dream and for now we are still waiting to get something happening. We would in the end will get back the traffic, most probably after halving.
 

[pawanjain]

As per this article, a global Bitcoin & crypto regulation is in the making. The government of India under its G20 presidency will be presenting a synthesis paper by IMF & FSB India in the upcoming G20 meeting this weekend. Already there is a consensus on this subject. It is only waiting for its approval by the leaders.

In my opinion, if this framework gets approved anonymity and privacy would not be available for anyone dealing in cryptocurrency. Already the US is trying to pass a bill wherein all DEX will need to implement KYC norms for its users. I believe this is not going to go well among those who want to hide their identity from the government and be part of this revolution.

When approved the regulation framework around Bitcoin and cryptocurrency will be cross border and not subjected to only India. What do you guys think?

Although we are having the G20 meet tomorrow I don't think we will get clear set of regulations by tomorrow itself.
I think they will pass it to a future date or may be introduce few rules now and improvise it later. May be something like a trial phase.
Also, I think once those regulations are introduced, it will be followed by other countries too.
There will be people who won't like this because they prioritize privacy and anonymity over regulations.
But a major portion of the crypto community don't care about giving their KYC until it is handled carefully.

[elevates]

Although we are having the G20 meet tomorrow I don't think we will get clear set of regulations by tomorrow itself.
I think they will pass it to a future date or may be introduce few rules now and improvise it later. May be something like a trial phase.
Also, I think once those regulations are introduced, it will be followed by other countries too.
There will be people who won't like this because they prioritize privacy and anonymity over regulations.
But a major portion of the crypto community don't care about giving their KYC until it is handled carefully.

The framework has already been prepared by IMF and SFB. What the leaders need to do is to agree on it unanimously. If they do then most of the work is done and we just need for our government to make some changes. The bill should come in the next session of Parliament and if it gets approved from both houses then it will become a law. I was able to find the synthesis paper, it does mention blanket ban or a complete ban is not possible. The big concer is money laundering using cryptocurrency for which a common cross border law will be made. If you want to read it you can visit this link.