G20 Summit: India expecting rules on crypto..!?

Sowmiya Sriram
G20 Summit: india expecting rules on crypto..!?
The 17th G20 summit is being held in Bali, indonesia for two days starting tomorrow. prime minister Modi is also expected to participate in three key sessions on food and energy security, wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital transformation, and health. Apart from this, the world economy, energy environment, and security will also be discussed with the leaders of other countries. It is reported that prime minister Modi will meet many G20 leaders at this summit.
Cryptocurrencies have started to plummet in recent times, and many people are seeing huge losses. However, there are no exact rules and regulations regarding cryptocurrencies. By the way, who starts this? Who is trading? Will it be permanent? Isn't it? Many people are doing business without even knowing it. In such a situation, the indian government can put pressure on the G20 countries to take an important decision in this regard. It is expected that the main decision can be discussed through this. It has been reported that the implementation of cryptocurrencies may be discussed at this meeting.
While regulating it is one option for RBI, the other option is to ban it altogether. However, it can be said that the government has not taken the final decision on this. With US Treasury Secretary Janet Yellen calling for regulatory action, it is likely that it will be discussed at the G20 meeting. Cryptocurrencies need global regulation. They are working with many alliances like IMF. Every country has different views on cryptocurrencies. Because of this, it cannot be banned so easily. Experts also say that countries like the US will not support cryptocurrency as it will help the dollarization of the global economy.
The RBI argued that the instrument should be banned on the ground that there is no underlying asset as a basis. Allowing cryptocurrencies would make it difficult to regulate currency and financial markets, apart from dollarization, the central bank said. It has also raised concerns about tax evasion and money laundering.

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