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India working with IMF, FSB on crypto regulations, says economic affairs secretary

India, the current holder of the G20 presidency, has been working with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to develop a regulatory approach for cryptocurrencies, the nation’s Department of Economic Affairs Secretary Ajay Seth said on Thursday.

See related article: India’s Budget Disappoints

Fast facts

  • “We have reached out to IMF, and IMF is working on the paper with us, to bring in the aspects of the monetary policy, the macroeconomic aspects, and the policy approach to crypto assets,” Seth said in an interview with the Press Trust of India. The IMF will present its paper at February’s G20 meeting in Bengaluru.

  • “The Financial Stability Board has proposed forming a crypto asset working group and we are equally part of that,” said Seth, adding that G20 member nations are trying to find consensus on crypto regulations, which will have to “evolve across all countries.”

  • On Dec. 1, India became the president nation of the G20, an intergovernmental forum with 19 of the world’s largest economies and the European Union.

  • In November, Indian Finance Minister Nirmala Sitharaman called for all G20 nations, and international bodies like the IMF and FSB to collaborate on regulating crypto assets.

See related article: India’s largest retailer Reliance starts CBDCs sales

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