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New Delhi : India is preparing to crack down on the business of crypto currency. It is believed that on the initiative of India, the International Monetary Fund (IMF) may present a draft of new regulation in this regard in the meeting of G-20 countries to be held in Gandhinagar, Gujarat from July 14 to 16.
It is being told that talks have already been held with the members of the G-20 countries on behalf of the Government of India to agree on the new regulation. With the consent of all these countries, the IMF has been entrusted with the responsibility of preparing new regulations. Therefore, in the Gandhinagar meeting, this regulation can be accepted with minor changes.
The meeting to be held in Gandhinagar will be attended by 19 countries including the US, Canada, Britain and France. Apart from this, some more European countries can also be invited to attend the meeting. The proposed regulation being prepared on the purchase, sale and transaction of crypto currency will be implemented only after the consent in the G-20 meeting. This regulation will be implemented simultaneously in all the G-20 member countries including India, after which the purchase and sale of crypto currency and the transactions through it will be regulated to a great extent.
Let us tell you that the Government of India had earlier made up its mind to completely ban crypto currency. However, there was a plan to exclude from this ban those crypto currencies which have been officially issued by the central bank of a country. Let us tell you that the central banks of many countries themselves are also planning to introduce official crypto currency to ease the transaction process. The Reserve Bank of India had also indicated some time back that it is also considering plans to introduce its own crypto currency.
It is being told that the Government of India was in favor of banning all unofficial crypto currencies. For this, preparations were also started at the ministry level. But in many countries of the world, transactions with crypto currency have been recognized, due to which most of the members of the G-20 countries are against a complete ban on crypto currency.
According to experts, while preparing the plan for a complete ban, this fact was also realized that even by banning crypto currency, it is not possible to completely curb its purchase and sale, because its buyer can use this currency in other country’s network. You can easily buy from Moreover, buying crypto currency from the network of many European countries is also easier than in India.
According to experts, the plan of a complete ban on crypto currency was later changed to a plan of strictness on the transaction of crypto currency. Not only this, the G-20 countries have also agreed to bring regulation on the purchase, sale and transaction of crypto currency. After which the responsibility of drafting the new regulation has been entrusted to the International Monetary Fund. The IMF will present a draft of the proposed regulation at the meeting of finance ministers of the G-20 countries to be held in Gandhinagar, after which it can be implemented in all G-20 member countries including India.
