The G20 summit will be bullish for crypto's growth in India," said Gracy Chen

India will be hosting the G20 summit this year. The summit will be held in New Delhi. It has decided that Cryptocurrency will be major topic to discuss in G20. Meanwhile, Gracy Chen, the managing director of Bitget issued a statement about G20 Summit and cryptocurrency . She said “India's consistent growth in adapting to cryptocurrencies and forming newer policies around it has made it a hub for tech investments. With more development and policy framework, we can expect higher mass adoption. The G20 summit will be bullish for crypto's growth in India.”

Indian Finance Minister, Nirmala Sitharaman stated that crypto will be part of India's agenda during its G20 presidency and the country intends to create standard operating procedures for cryptocurrencies. Also On World Economic Forum, 2021 Prime Minister, Narender Modi talked about collective global effort to deal problems associated with this virtual currency. Interestingly, many experts believe that the G20 Summit could make room for crypto regulations and that is what they are saying about this digital-unregulated currency.

“I think the G20 Summit is a great opportunity to initiate a consensus-based framework for crypto regulation or create a consensus-based policy framework to govern the crypto industry in all the member nations and thus pave the path for the rest of the world.”

Prof. Sandeep Kumar Shukla

Professor of computer science at IIT Kanpur

“Crypto is an integral part of Web3 technology. Crypto to blockchain technology is like fuel to the car. Without going into very technical details, Virtual digital Assets (‘VDA’) or ”cryptos“ play a fundamental role in incentivising participants to engage with a blockchain network. With India‘s leadership position at the G20 and with global cooperation, we are looking ahead to how the entire Web3 ecosystem can further India’s ambition of a $5 trillion economy. I believe the industry has tremendous capabilities to contribute immensely to that ambition - the next phase of Make in India, for the world!”

Sumit Gupta

CEO & Co-Founder, CoinDCX

The Indian government has also taken several initiatives regarding cryptocurrency. Firstly, in March 2020, the Supreme Court of India lifted the ban on banks dealing with cryptocurrency exchanges. This decision has opened up the market for cryptocurrency trading in India, leading to increased investments and job opportunities.

Secondly, the government has set up a committee to study the potential of blockchain technology and cryptocurrency. The committee is tasked with examining the risks and benefits of cryptocurrencies, as well as exploring the possibility of launching a government-backed digital currency.

Lastly, the government has launched a blockchain-based platform called IndiaChain, aimed at improving the efficiency and transparency of government processes. The platform is expected to be used for a range of applications, including land registry, health records, and supply chain management.

Overall, the Indian government's positive initiatives towards cryptocurrency are expected to boost the country's economy and lead to increased adoption of blockchain technology.

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