Here's everything you need to know ๐ฅ
1๏ธโฃ G20's Stance on Crypto:
๐ At the recent G20 Summit in New Delhi, discussions focused on regulating #crypto instead of outright bans.
๐ This gives hope to crypto businesses.
2๏ธโฃ IMF-FSB Synthesis Paper:
๐ This paper released by the International Monetary Fund (IMF) and G20โs Financial Stability Board (FSB) focused on understanding digital assets and reducing data gaps.
๐ It provides guidelines and standards but doesn't introduce new policies.
3๏ธโฃ Data Collection by 2027:
๐ The paper aims for global financial entities to gather detailed data on various #crypto assets used for payments by 2027.
๐ This will be categorized by type, sector, and country.
4๏ธโฃ Industry Feedback:
๐ Experts believe the paper is in the "Goldilocks Zone" - not too strict or lax. They expect the Indian government to take this seriously, seeing potential for step-by-step regulation.
๐ Experts praise India's proactive approach in understanding virtual digital assets. They believe this means discussions about bans are behind us.
๐ The initiative to understand digital asset usage was welcomed by the industry and it is believed that it will help in forming balanced policies.
5๏ธโฃ Potential Ban Complexities:
๐ The document indicates that blanket bans on #crypto are not effective.
๐ They're expensive, complex, and due to the borderless nature of crypto, challenging to implement.
6๏ธโฃ Global Perspective:
๐ Out of the G20 nations, only around 15 have clear #crypto regulations.
๐ Examples include Canada, the US, Europe, and Japan.
๐ India currently lacks a clear regulatory framework.
7๏ธโฃ Universal Tax Policy:
๐ There's a suggestion for a global, consistent tax policy for #crypto.
๐ Given its global nature, experts believe a standardized approach would be beneficial.
8๏ธโฃ Summary:
๐ These discussions indicate a shift towards regulation rather than prohibition, providing hope for the #crypto industry's future.
๐ The industry awaits incremental steps towards a regulatory framework.