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India’s Cooperation with G20 Countries to Establish International Coordination on the Policy of Encryption Assets

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On February 13, the Minister of Finance of India, Shri Pankaj Chaudhary, said that India was cooperating with the G20 countries to establish international coor…

Indias Cooperation with G20 Countries to Establish International Coordination on the Policy of Encryption Assets

On February 13, the Minister of Finance of India, Shri Pankaj Chaudhary, said that India was cooperating with the G20 countries to establish international coordination on the policy of encryption assets. India’s rotating presidency provided an opportunity to put different priorities, including encryption assets, on the agenda of international cooperation. Shri Pankaj Chaudhary said that any regulation or prohibition legislation would be effective only if there was significant international cooperation in assessing the common classification, risk and benefit criteria and evolution.

India is cooperating with the G20 countries to establish international coordination on the policy of encryption assets

Interpretation of the news:


On February 13, 2022, Shri Pankaj Chaudhary, the Minister of Finance of India, announced that India was cooperating with the G20 countries to establish international coordination on the policy of encryption assets. The statement was made during India’s rotating presidency, which provided an opportunity to put different priorities, including encryption assets, on the agenda of international cooperation.

Encryption assets, also known as cryptocurrencies, are digital assets that use cryptography to secure transactions and control the creation of new units. They have gained popularity in recent years as an alternative to traditional forms of currency and investment. However, they have also been a cause for concern for governments and regulators due to their potential use in illicit activities such as money laundering and terrorist financing.

According to Shri Pankaj Chaudhary, any regulation or prohibition legislation would only be effective if there was significant international cooperation in assessing the common classification, risk and benefit criteria, and evolution of encryption assets. This statement highlights the need for a coordinated global approach to this issue to avoid inconsistencies and gaps in regulations that could be exploited by criminals.

India’s collaboration with the G20 countries on this matter is significant as the group represents 80% of the world’s economic output and two-thirds of its population. As such, their agreement on the policy of encryption assets can have a significant impact on the global economy and financial system.

In recent years, several countries have taken steps to regulate or restrict the use of encryption assets. China, for example, has banned cryptocurrency mining and trading, while El Salvador has made Bitcoin a legal tender. The lack of a unified approach has led to varying degrees of success in managing the risks associated with cryptocurrencies.

In conclusion, the statement by Shri Pankaj Chaudhary highlights the importance of international cooperation in addressing the challenges posed by encryption assets. The collaboration between India and the G20 countries can pave the way for a more coordinated and effective response to this issue. The global community must work together to strike a balance between innovation and regulation to harness the benefits of encryption assets while mitigating the risks they pose.

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