### India has approached the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to collaborate on a joint paper to help formulate a comprehensive crypto policy. This move comes as the Indian government seeks to establish a clear regulatory framework for cryptocurrencies.

India proposed that the Financial Stability Board (FSB) and the International Monetary Fund (IMF) collaborate on a technical study of crypto assets during a panel discussion on cryptocurrency regulation at the G20 meeting. The proposed cooperative agreement would provide guidance and best practices for governments working to regulate cryptocurrencies.



The need for a comprehensive crypto policy in India has been pressing since the Reserve Bank of India (RBI) prohibited banks from offering services to companies engaged in the cryptocurrency industry in 2018. The ban created a state of uncertainty in India's crypto market. However, the Supreme Court overturned the ban in 2020, but there is currently no well-defined regulatory structure in place.



India's proposal to collaborate with the IMF and FSB on a joint paper is a step in the right direction. The IMF and FSB are well-respected international organizations with vast experience in financial regulation. The proposed joint paper will provide India with the necessary guidance and expertise to develop a comprehensive regulatory framework for the cryptocurrency market.



The global nature of the cryptocurrency market means that regulation in one state can have an impact on the market in other states. Therefore, a comprehensive regulatory framework is necessary to ensure that the market operates in a transparent and accountable manner.

India has approached the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to collaborate on a joint paper to help formulate a comprehensive crypto policy. This move comes as the Indian government seeks to establish a clear regulatory framework for cryptocurrencies.

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