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India advocates for global cooperation in regulating encryption assets

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On February 13, the Minister of Finance of India, Shri Pankaj Chaudhary, said that India was cooperating with the G20 countries to establish international coor…

India advocates for global cooperation in regulating encryption assets

On February 13, the Minister of Finance of India, Shri Pankaj Chaudhary, said that India was cooperating with the G20 countries to establish international coordination on the policy of encryption assets. India’s rotating presidency provided an opportunity to put different priorities, including encryption assets, on the agenda of international cooperation. Shri Pankaj Chaudhary said that any regulation or prohibition legislation would be effective only if there was significant international cooperation in assessing the common classification, risk and benefit criteria and evolution.

India is cooperating with the G20 countries to establish international coordination on the policy of encryption assets

Interpretation of the news:


The world of finance and investment has witnessed an unprecedented rise in the popularity of encryption assets. These assets, which include cryptocurrencies like Bitcoin and Ethereum, have been hailed by some as the future of money and by others as a speculative bubble waiting to burst. Governments across the globe are grappling with how to regulate these assets, with some opting for a cautious approach and others imposing stringent restrictions.

India, which is currently holding the rotating presidency of the G20 countries, has spoken out on this issue. The Minister of Finance of India, Shri Pankaj Chaudhary, has said that India is keen on establishing international coordination on the policy of encryption assets. The minister stressed the fact that any regulation or prohibition legislation would be effective only if there was significant international cooperation in assessing the common classification, risk, and benefit criteria and evolution.

India’s stance on this issue is significant for several reasons. Firstly, India is a major player in the global economy, and its voice carries weight in international forums. Secondly, India has been relatively proactive in regulating encryption assets, having introduced a bill in parliament last year to ban all private cryptocurrencies. However, the bill has not yet been passed, and the government is still consulting stakeholders on the matter.

Thirdly, India’s presidency of the G20 countries provides a unique opportunity to shape the global conversation on encryption assets. The G20 countries, which include the world’s largest economies, have a combined gross domestic product (GDP) of over $85 trillion, making them a potent force in international economic affairs.

The focus on international cooperation is also noteworthy. The global nature of encryption assets means that regulation cannot be implemented in a vacuum. There is a need to develop common standards and protocols that can be applied universally.

In conclusion, India’s advocacy for global cooperation on encryption assets is a positive development that could lead to a more coherent and effective approach to regulating these assets. The G20 countries must seize this opportunity to work together and establish a framework that balances the need for innovation and economic growth with the need to protect consumers and investors.

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