For the first time since taking over the G-20 presidency, India has officially revealed details of the ongoing work around how to regulate crypto.

"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," said Ajay Seth, Secretary, Department of Economic Affairs.

Seth also revealed that the IMF had led a meeting with representatives of developing economies around the paper in January.

"There's going to be 135 minute seminar on crypto assets on the policy response (during a G-20 meeting later this month) and for that again the IMF is preparing the finalized paper that will form the base," he added.

India assumed the presidency of the G-20 or Group of 20 – the intergovernmental forum of the world’s 20 largest economies including the European Union as a bloc – on Dec. 1 giving it the responsibility of shaping the group’s agenda. On the eve of taking over the presidency, India's Finance Minister Nirmala Sitharaman had said how to regulate crypto assets will be a priority.

India's position on whether crypto is legal or not has been completely clear since it imposed stiff taxes in 2022 but didn't declare it as legal.

(By Amitoj Singh)

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