Wednesday 2 August 2023


India has released its presidency note on cryptocurrencies, which marks its position on global crypto regulations.
This official document states India’s recommendations to be considered in the formulation of worldwide crypto rules.

The presidency note represents India’s official position on cryptocurrency regulations, serving as a precursor to the upcoming release of the synthesis paper jointly crafted by the IMF and FSB.
Scheduled for publication at the end of August, this synthesis paper will play a pivotal role in shaping global crypto rules.
The note equally underscores the need to consider macro-financial implications and risks specific to Emerging Markets and Developing Economies.
To aid coordination and cooperation among global stakeholders, the IMF and FSB are suggested to take responsibility for the workaround global crypto rules.
As the release of the synthesis paper gets near, the global crypto community expects the incorporation of India’s recommendations and predicts the impact of the G20’s collective efforts in shaping the regulatory landscape for cryptocurrencies worldwide.
India has taken a continuous approach towards cryptocurrencies, with government officials and regulatory authorities conveying reservations on potential risks and their implications for the financial system.

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