Crypto India, a collective of Indian crypto stakeholders, has submitted a proposal to the G20 leaders, urging them to adopt a global framework for regulating cryptocurrencies. The proposal outlines the benefits of crypto innovation for financial inclusion, economic growth, and social impact, and suggests some key principles and best practices for crypto regulation.

The proposal comes as India is preparing to introduce a bill that could ban all private cryptocurrencies in the country and create a central bank digital currency. Crypto India argues that such a move would stifle innovation and deprive millions of Indians of the opportunity to participate in the emerging crypto economy.

Crypto India’s proposal calls for a balanced and inclusive approach to crypto regulation that respects the sovereignty of each nation, but also fosters international cooperation and coordination. The proposal recommends that the G20 adopt a common definition of crypto assets, establish a global standard for anti-money laundering and counter-terrorism financing, and promote interoperability and compatibility among different crypto platforms and systems.

The proposal also highlights the need for consumer protection, investor education, and industry self-regulation in the crypto space. It urges the G20 to support the development of crypto literacy programs, foster dialogue and collaboration among various stakeholders, and encourage innovation and experimentation with crypto technologies.

Crypto India hopes that its proposal will influence the G20’s crypto agenda and help shape a positive and progressive regulatory environment for cryptocurrencies around the world.