India to hold seminar at G20 meeting this week for consensus on crypto assets: DEA Secy

Economic affairs secretary Ajay Seth

India will hold a seminar at the G20 meetings in Bengaluru this week to help build a consensus on crypto assets, economic affairs secretary Ajay Seth said.

Work in this regard is underway by various delegations, Seth said at a press briefing ahead of the first meeting of finance ministers and central bank governors under the Indian presidency of the G20 scheduled for February 24-25 in Bengaluru.

This will be preceded by the G20 finance and central bank deputies meeting on February 22, co-chaired by Seth and Reserve Bank of India deputy governor Michael D Patra.

More than 70 delegates from G20 nations and other invited countries are expected to attend the meetings.

The Indian government is engaging with G20 countries to build international coordination on the policy approach to crypto assets.

Minister of state of finance Pankaj Chaudhary said in a parliamentary response on February 13 that since crypto assets are borderless, they require international collaboration to prevent regulatory arbitrage. Any law that regulates or bans crypto assets can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards, he said.