India assumes G-20 presidency, will be responsible for shaping global crypto policies

India will host the 18th G-20 summit in Delhi on 9-10 September 2023

Published: Dec 12, 2022 05:06:30 PM IST

Updated: Dec 12, 2022 09:08:04 PM IST

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India took over the presidency of G-20 on 1 December and will be responsible for shaping the group's agenda for the next year, including global policies related to crypto.

The Prime Minister of India, Narendra Modi, had previously called for global cooperation when it comes to crypto as it's not possible for a single country to handle the problems posed by crypto assets.

India will reportedly be consulting the International Monetary Fund (IMF) regarding the regulation of crypto assets. Recently, the Financial Stability Board (FSB) had proposed comprehensive international crypto rules.

Following the collapse of FTX, which triggered a lot of FUD among the crypto community, framing globally coordinated rules related to crypto is the need of the hour.

The work of G-20 is divided into two tracks. The first one is the Finance track, which consists of finance ministers and central bank governors from all the G-20 members. The second is the Sherpa track, which involves envoys appointed by heads of the governments. This track is for all the agendas that aren't a part of the Finance track.

The first meeting in the Finance track, titled "Finance and Central Bank Deputies Meeting," will be held from 13 to 15 December. It will be followed by "Framework Working Group Meeting" from 16 to 17 December.

RBI Deputy Governor T. Rabi Sankar, among other RBI officials, will preside over the meetings and are expected to show their retail and wholesale central bank digital currencies (CBDCs).

The Indian government has not yet taken a clear position on crypto. "We need to have all the members of the G-20 first of all to come on board to see how best it can be done," the Finance Minister of the country, Nirmala Sitharaman, said when asked about the same.

The Reserve Bank of India (RBI) believes that banning crypto usage within the country is the best option for the overall well being of the country. The governor of RBI, Sankar, believes that CBDCs would end any requirement of private cryptos.

India will host the 18th G-20 summit in New Delhi on 9-10 September 2023.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash