India holding ‘detailed discussions’ with G20 members on crypto regulation
If we talk, some questions related to crypto mining and its regulation were answered by Union Finance Minister Nirmala Sitaraman on Monday in the Lok Sabha, the lower house of the Parliament of India and her opinion was given about it. He said that certainly given that cryptocurrency in India is not regulated to a large extent and it does not exist whether it is mining or property or any transaction it is absolutely clear and complete is technology driven and a standalone country’s endeavor and controlling or regulating it certainly won’t benefit us or be an effective solution. He said that a consensus is definitely being made and that is why we are raising this issue in the G20 and discussing it in detail with the members so that a standard operating protocol can come out after the discussion. .
As we know that of course the G-20 meeting is going on at the moment and there are representatives of 20 countries. We are connected who are trying to solve any problem on a global scale with the help of their own ideas and point of view.
The Group of Twenty (G20) includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, US. , and the European Union. These countries certainly make up a global world and represent 85% of the entire global domestic product, 75% of global trade and almost two-thirds of the global population. The Finance Minister further told the Parliament that the discussions with the other G20 members have one objective, one comprehensive plan and one agenda, that we have to work under one vision where all countries are willing to work with us in bringing some regulation. are keen on and are interested in preparing a protocol on that and that’s why whether it is mining or any transaction or any transaction, definitely it is being implemented for all. On this he emphasized that we are currently working to achieve a common protocol.
The Finance Minister while interacting with reporters on Saturday also said that the issue of regulating crypto assets will be taken up and discussed at the G-20 meeting chaired by India. The Indian Finance Minister was quoted by PTI as saying that crypto currency is completely driven by technology, human intervention is very less and he also said that we are talking to all the countries that if any regulation has to be made then it should be done in any way. A single country cannot make it or no country can work independently on it. That’s why we are talking about creating a standard operating procedure so that it can be particularly effective and certainly that will be a part of all the discussions that are being discussed in the G20. Certainly the finance minister’s statement came after his virtual meeting with International Monetary Fund Managing Director Kristalina Georgieva on Thursday where they discussed the role of the International Monetary Fund and other relevant international organizations on “regulation of crypto assets”. To develop a globally coordinated approach,” spoke. Ajay Seth, who is said to be the Indian economic affairs secretary, said earlier this month that the Indian government is developing a plan to introduce and pass measures around cryptocurrencies this year, and plans for its full implementation. making an effort to. Therefore, in October at a meeting of G-20 finance ministers and central bank governors, the Indian finance minister called for “featuring an effective tax reporting and information exchange between crypto asset jurisdictions to combat offshore tax evasion”. ,” and at the time the Ministry of Finance of India described it.
If we talk, there is no regulatory framework for crypto in India and thirty percent tax is imposed by the government on crypto income and one percent tax is levied on its TDS. The need for a “common approach to regulate the crypto ecosystem” will be highlighted in the Economic Survey for the Year launched by the Finance Minister earlier this month, and the payment of crypto TDS in this year’s Finance Bill. Various types of crypto tax penalties have been introduced in addition to prison for non-compliance. Shaktikanta Das, governor of the Reserve Bank of India, has been against crypto assets for a long time and has criticized them fiercely. He has said that all these assets will definitely be the cause of the coming financial crisis and has called for their removal on a global scale.
