The Deputy Managing Director of the International Monetary Fund (IMF) believes that India’s G20 presidency has the potential to make significant progress on three critical issues, including cryptocurrency regulation. The precipitous fall of several key cryptocurrency players in 2022 highlighted the need for regulation to protect consumers and investors and preserve the integrity of financial markets.
Cryptocurrencies were designed to be decentralised
However, the industry is becoming more and more centralised. Centralised exchanges can offer a wider range of features and services and process transactions faster and more efficiently than decentralised exchanges. The shift towards centralisation has been driven by the ability of centralised exchanges to monetize their platforms more efficiently than decentralised ones, allowing them to grow and expand. Scandals also plague the industry, involving greed, inflating balance sheets and manipulating the value of shares or tokens, highlighting the need for regulation.
Regulation is necessary to protect consumers from fraud and other financial crimes, to promote greater stability and reliability in the cryptocurrency market, and to ensure that cryptocurrencies are used in a manner consistent with broader financial and economic policies. India’s attitude towards cryptocurrencies has evolved and it has proposed a regulatory framework for cryptocurrencies. The government has announced significant changes to the treatment of virtual assets, including cryptocurrencies, and proposed a flat 30 percent income tax on the transfer of “crypto-assets.”
India has an opportunity to pioneer cryptocurrency regulation during its G20 presidency. The G20 can help create global consensus and frameworks to regulate cryptocurrencies, protect consumers and preserve the integrity of financial markets.
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Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).