India to decide on crypto regulations after discussions with nations: Official

India will decide on implementing cryptocurrency regulations after extensive discussions with other countries, a senior official said on Sunday, virtually ruling out a ban on such assets.

Ahead of G20 leaders’ summit, the IMF and the Financial Stability Board (FSB) had last week made a strong case for a coordinated global policy action to deal with risks posed by cryptocurrencies and said that there should not be any blanket ban.

The IMF-FSB recommendations laid out a “roadmap” and suggested “bare minimum” regulations that every country should have on cryptocurrencies. If any country wants to have a more stricter regulation, it can frame a more restrictive regulation depending on the risk it sees from cryptos, the official said.