IMF Teams up with India to Formulate Global Level Crypto Laws Under G20 Framework

Drafting detailed laws to govern the crypto sector has been named among India’s primary agendas during its year-long G20 presidency.

Advertisement
Written by Radhika Parashar, Edited by Richa Sharma | Updated: 3 February 2023 18:13 IST
Highlights
  • IMF has previously expressed concerns against use of crypto
  • Several nations are concerned that crypto could disrupt financial systems
  • India is expected to implement these global rules in the nation as well

India took up the presidency of the G20 group of nations last December

Photo Credit: Unsplash/ Shubham Dhiman

India has welcomed the International Monetary Fund (IMF)'s aid in its quest to formulate crypto laws that would work on an international level. The development has been confirmed by Ajay Seth, Secretary of India's Department of Economic Affairs. India took over the presidency of the G20 group of nations in December last year. The countries involved in this planning under India's leadership include Argentina, Australia, Brazil, Canada, and Russia, among others.

Drafting detailed laws to govern the crypto sector has been named among India's primary agendas during its year-long G20 presidency. Nirmala Sitharaman, the Finance Minister of India, had shared India's crypto-related intensions with the G20 group last December.

Advertisement

The IMF, which has previously voiced its concerns against spreading the use of these volatile crypto assets, would be preparing a draft work for potential crypto laws.

“IMF is working on a paper in consultation with us (India) which will focus on aspects of the monetary policy and the policy approach to crypto assets. There's going to be 135-minute seminar on crypto assets on the policy response (during a G20 meeting later this month) and for that again the IMF is preparing the finalised paper that will form the base,” a Coindesk report quoted Seth as saying.

Despite India's silence around its stance on the crypto sector, Seth has reiterated that the crypto industry is not illegal in India.

While crypto holding and trading is allowed in India, some businesses have also been experimenting with accepting crypto payments. Unlike El Salvador, India does not equate any cryptocurrency to its fiat currency.

Industry insiders in India recently expressed disappointment after FM Sitharaman maintained a stark silence around anything related to cryptocurrency.

Advertisement

Speaking to Gadgets 360, representatives from crypto firms like WazirX and CoinSwitch said that it has been less than a year since crypto tax laws went live in India, and that the government is taking its time to analyse crypto-related trading and industrial patterns thriving in the nation.

For now, the IMF's opinion around the virtual digital assets industry remains unknown.


The Infinix Zero Ultra has a decent set of specifications on paper, but does the phone justify its high asking price? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
 

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Further reading: Cryptocurrency, IMF, India, G20, Crypto Laws
Advertisement

Related Stories

Popular Mobile Brands
  1. Best Smartphones with Highest AnTuTu Scores Under Rs. 35,000
  2. Best Student Laptops Under Rs. 1 Lakh in India: Asus Vivobook 16, MacBook Neo, More
  1. Razer Hammerhead V3 Chroma Wired Earphones Launched With ANC, IPX4 Rating: Price, Features
  2. Name of Motorola's Upcoming Wide Foldable Phone Revealed in New Leak
  3. Vodafone Idea (Vi) Rs. 35 Prepaid Plan Launched With Access to Two Regional OTT Platforms, 1GB Data
  4. Marvel's Wolverine Sells 2.4 Million Copies, Sony Says It Will Make 'Solid Progress' on PS6 Next Year
  5. Vivo V80 FE India Variant Appears on Geekbench With MediaTek Dimensity 7400-Turbo SoC Ahead of Launch
  6. OnePlus 16 India Launch Seems Likely as Firm Reportedly Holds ‘Closed-Door’ Meeting; Pricing Details Tipped
  7. Airbnb Developing a Dedicated AI Agent for Travel Plans; Will Launch Next Year
  8. iQOO's Next Z-Series Phone Could Pack a 7-Inch Screen, 10,000mAh Battery, Tipster Claims
  9. iQOO 16s Reportedly Spotted on Malaysia’s SIRIM Certification Site, May Pack 10,000mAh Battery
  10. Meta Launches Muse Voice Letting Users Have Real-Time Conversations With the AI Assistant
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2026. All rights reserved.