G20 Summit: Will cryptocurrency be banned worldwide? What will be the impact of creating a global regulatory framework?

G20 Summit 2023

G20 Summit 2023: A big decision has been taken on cryptocurrency in the G-20 Summit. All the countries participating in the ongoing G20 summit at Bharat Mandapam in Pragati Maidan, New Delhi have agreed that a global law is needed to regulate cryptocurrency. For this there is a need to create a global regulatory framework.

G-20 Summit 2023

IMF-Financial Stability Board (FSB) will create this global regulatory framework. Giving this information, Finance Minister Nirmala Sitharaman said that we are keeping a close eye on the rapid developments and risks in the cryptoasset ecosystem. Creating a global regulatory framework will help in curbing the misuse of cryptocurrencies.

G-20 Summit 2023

The G-20 leaders, while deciding on the rapid implementation of the reporting framework for crypto assets in the New Delhi declaration, said that a large number of member countries want to start exchanging information on such non-financial assets by 2027. The Crypto Asset Reporting Framework (CARF) or blueprint is being developed to ensure that such non-financial assets are not used by tax evaders to hide their unaccounted wealth.

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In line with the unanimously passed New Delhi Leaders’ Summit Declaration, we call for the prompt implementation of CARF and amendment of the CRS. We call on the ‘Global Platform on Transparency and Exchange of Information for Tax Purposes’ to identify a reasonable and coordinated timeline for initiating the exchange of information by relevant jurisdictions.

fm nirmala sitharaman on cryptocurrency

In Delhi, the leaders of 20 developing and developed countries reiterated their commitment to continue cooperation towards a globally fair, sustainable and modern international tax system in line with the needs of the 21st century. We are committed to the prompt implementation of the two-pillar international tax package, the New Delhi declaration said.

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Finance Minister Nirmala Sitharaman said after the conference, work has been done on exchange of information on real estate transactions between the countries. The South Asia Academy’s pilot program for tax and financial crime investigation has been launched in collaboration with OECD.

G20 Summit latest news

Under the global tax accord, around 140 countries including India have agreed to sweeping changes in global tax norms to ensure that multinational companies pay a minimum tax rate of 15 per cent wherever they operate. However, some complex issues still need to be resolved before its implementation.

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