Here's everything you need to know đ„
1ïžâŁ G20's Stance on Crypto:
đ At the recent G20 Summit in New Delhi, discussions focused on regulating #crypto instead of outright bans.
đ This gives hope to crypto businesses.
2ïžâŁ IMF-FSB Synthesis Paper:
đ This paper released by the International Monetary Fund (IMF) and G20âs Financial Stability Board (FSB) focused on understanding digital assets and reducing data gaps.
đ It provides guidelines and standards but doesn't introduce new policies.
3ïžâŁ Data Collection by 2027:
đ The paper aims for global financial entities to gather detailed data on various #crypto assets used for payments by 2027.
đ This will be categorized by type, sector, and country.
4ïžâŁ Industry Feedback:
đ 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.
đ Experts praise India's proactive approach in understanding virtual digital assets. They believe this means discussions about bans are behind us.
đ The initiative to understand digital asset usage was welcomed by the industry and it is believed that it will help in forming balanced policies.
5ïžâŁ Potential Ban Complexities:
đ The document indicates that blanket bans on #crypto are not effective.
đ They're expensive, complex, and due to the borderless nature of crypto, challenging to implement.
6ïžâŁ Global Perspective:
đ Out of the G20 nations, only around 15 have clear #crypto regulations.
đ Examples include Canada, the US, Europe, and Japan.
đ India currently lacks a clear regulatory framework.
7ïžâŁ Universal Tax Policy:
đ There's a suggestion for a global, consistent tax policy for #crypto.
đ Given its global nature, experts believe a standardized approach would be beneficial.
8ïžâŁ Summary:
đ These discussions indicate a shift towards regulation rather than prohibition, providing hope for the #crypto industry's future.
đ The industry awaits incremental steps towards a regulatory framework.