India's Finance Minister Attends G20 + Communiqué On Crypto Relevant To Indian Users
G20 meeting concluded yesterday in Japan and there's some interesting developments out of it. Firstly, Japan is ready to tackle crypto regulations headon with a benchmark policy and Indian government can learn a lot from how it's forming it's policies.
Secondly, India's new Finance Minister was part of the G20 meeting and I hope she paid attention to the part when it was decided that cryptocurrencies don't pose a threat!
Governments needs to reduce restrictions on their citizens to be able to use their money a bit more freely. Else everyone will keep pushing against extremely restrictive policies in pursuit of freedom to earn a living, trade and invest in a global economy.
I hope Indian government will keep this G20 meeting in mind when deciding on the final policy towards cryptocurrencies in India.
Meanwhile, following snippet is from the minutes of the G20 meeting and you can find it in full here. But its #13 from the G20 minutes that bears some importance and please read the text in bold which concerns us the most here in India.
Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).
We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT. We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month. We welcome IOSCO's work on crypto-asset trading platforms related to consumer and investor protection and market integrity. We welcome the FSB's directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets.
We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed. We also welcome the FSB report on decentralized financial technologies, and the possible implications for financial stability, regulation and governance, and how regulators can enhance the dialogue with a wider group of stakeholders. We also continue to step up efforts to enhance cyber resilience, and welcome progress on the FSB's initiative to identify effective practices for response to and recovery from cyber incidents.
It would be great if you guys could tweet to the Finance minister and request FM's office to consider the implications of a short sighted policy that calls for a ban instead of regulation and opening up new avenues for innovation. We need to make our voices heard through the right channels moving forward.
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