February 2, 2024


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Crypto to climate: Delhi takes step back to move forward, get consensus

FROM calling for a global framework on regulating crypto-assets to yielding on climate transition, India, as part of its G20 presidency, is working to evolve a consensus on a range of contentious issues even if that means stepping back on many of its stated position.

On Thursday, the International Monetary Fund (IMF) and the Financial Stability Board (FSB), released a policy paper, at the request of the Indian G20 Presidency, which recommended against an outright ban on crypto-assets. Instead, it suggested introducing a licensing regime for crypto-asset platforms bringing the asset under the fold of anti-money laundering and counter-terrorist financing standards.

India’s expected endorsement shows how far its key regulators have moved: In 2018, the Central Board of Direct Taxes had submitted a draft scheme to the finance ministry for banning virtual currencies and a month later, the RBI restrained banks from dealing in cryptocurrencies, a decision that had to be reversed by the Supreme Court in 2020.