Nirmala Sihtaraman confirmed that the IMF & World Bank will hold a meeting this month, where they will discuss many points on crypto regulation.
India is a developing country but so far Indian government agencies showed significant inclination toward blockchain technology adoption only. In the last few months, the Indian finance ministry hinted about its efforts to bring a crypto regulation framework or ban framework.
On 7 April 2023, Indian finance minister Nirmala Sitharaman confirmed that the International Monetary Fund (IMF) & World Bank will hold a meeting this month and the meeting will significantly target cryptocurrency regulation-related discussions.
Reports also confirmed that the meeting will focus on cryptocurrency assets, signifying the growing importance of cryptocurrencies and their impact on the global economy.
Indian Crypto influencer reported that in July the Financial Stability Board (FSB) will represent its Global regulatory framework on the table and after that Central Bank of India (RBI) will also submit its report on crypto to address the risks associated with cryptocurrencies.
A few reports claimed that the latest timeline of meeting & crypto report submission, under the leadership of the Indian finance ministry, is kind of a very big hint that India is going to bring a perfect crypto regulation model, instead of crypto ban ideas.
At present, the Reserve Bank of India (RBI) is testing its central bank digital currency (CBDC), or rupee, in collaboration with four leading Banks.
In the past, the RBI agency passed negative statements over cryptocurrency trading and suggested citizens remain away from this sector citing high price volatility, and also warned people not to use cryptocurrencies in payments, as these virtual assets are not legal tender in the country.