India's Global Crypto Standards
The finance minister said in a recent interview that a single country cannot regulate crypto and that it requires a global effort. India is looking to host the G20 finance ministers and central bank governors meeting in Bengaluru later this month to agree on a global standard operating procedure for crypto regulation.
Impact of Crypto Regulations
Sitharaman notes that technology doesn't recognize borders, and regulation requires global consensus to be effective. However, she didn't mention any changes to income tax laws in relation to crypto, central bank digital currency, or blockchain technology in the union budget.
Global Developments in Crypto Regulation
Various countries within the G20 have made significant developments in crypto regulation. For instance, the Australian government recently released a token mapping consultation paper, while France is taking action on licensing crypto as soon as possible.
Brazil and Argentina are discussing creating a common digital currency to reduce their dependence on the US dollar. On the other hand, a former member of the Monetary Policy Committee at the People's Bank of China suggests reconsidering the ban on cryptocurrency trading as it may not be sustainable in the long run.