Here's everything you need to know š„
1ļøā£ G20's Stance on Crypto:
š At the recent G20 Summit in New Delhi, discussions focused on regulating #crypto instead of outright bans.
š This gives hope to crypto businesses.
2ļøā£ IMF-FSB Synthesis Paper:
š This paper released by the International Monetary Fund (IMF) and G20ās Financial Stability Board (FSB) focused on understanding digital assets and reducing data gaps.
š It provides guidelines and standards but doesn't introduce new policies.
3ļøā£ Data Collection by 2027:
š The paper aims for global financial entities to gather detailed data on various #crypto assets used for payments by 2027.
š This will be categorized by type, sector, and country.
4ļøā£ Industry Feedback:
š 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.
š Experts praise India's proactive approach in understanding virtual digital assets. They believe this means discussions about bans are behind us.
š The initiative to understand digital asset usage was welcomed by the industry and it is believed that it will help in forming balanced policies.
5ļøā£ Potential Ban Complexities:
š The document indicates that blanket bans on #crypto are not effective.
š They're expensive, complex, and due to the borderless nature of crypto, challenging to implement.
6ļøā£ Global Perspective:
š Out of the G20 nations, only around 15 have clear #crypto regulations.
š Examples include Canada, the US, Europe, and Japan.
š India currently lacks a clear regulatory framework.
7ļøā£ Universal Tax Policy:
š There's a suggestion for a global, consistent tax policy for #crypto.
š Given its global nature, experts believe a standardized approach would be beneficial.
8ļøā£ Summary:
š These discussions indicate a shift towards regulation rather than prohibition, providing hope for the #crypto industry's future.
š The industry awaits incremental steps towards a regulatory framework.