In 2023, India will enact legislation governing the cryptocurrency industry. Secretary of Economic Affairs
The Indian government intends to enact “measures around crypto” in 2023, according to Ajay Seth, the Economic Affairs Secretary, who made the announcement at a post-budget press conference on February 4 in Mumbai.
Nirmala Sitharaman, the finance minister, did not mention any changes or policies regarding cryptocurrencies and other virtual digital assets in her recent address presenting the budget for FY 2023–2024.
However, given the cryptocurrency ecosystem’s growing adoption, this year’s Economic Survey of 2023 emphasised the need for a uniform approach to regulation.
Shaktikanta Das, governor of the RBI, has repeatedly called for regulation to halt cryptocurrency use and advocated for a ban on cryptocurrencies.
Even more so, he raised alarm about the RBI’s potential loss of oversight over transactions once cryptocurrency is made legal in India.
What else is there to expect?
The Economic Affairs Secretary emphasised the measures for cryptocurrency that will be released soon while speaking to the local media.
He said, “The employment of the technology of crypto assets, such as blockchain and others, can have numerous concerns.”
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The government representative also concentrated on the concerns connected to the growing use of this coin, which nobody discusses.
He even spoke about the Indian government’s earlier decisions to work on the crypto bill and the country’s legalisation of it during the event.
G20 anticipates making a decision about cryptocurrency regulation
In her post-budget interview the week before, FM told the Network18 Group that the development of a worldwide standard operating procedure for the regulation of crypto assets is crucial for her next G20 conference. The G20’s inaugural finance summit is slated to take place in Bengaluru on February 24 and 25, according to the information.
Sithraman stated in the interview that “we will be looking at worldwide SOP to be published and agreed upon for regulating digital assets while acknowledging the central bank as the authority for producing cryptocurrency.”
Even more so than declaring rules for one nation, she stressed the value of collaborative action. It becomes everyone’s obligation to take the appropriate action because technology has the potential to go beyond limitations, she said.