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Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the <keyword id="112428" type="General" weightage="80" keywordseo="financial-stability-board" source="Orion">Financial Stability Board</keyword> (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies. Earlier this week, Sitharaman had said that India's G20 Presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value. "Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter," she had said at a discussion at Peterson Institute for International Economics here. According to the chair's summary released at the end of the two-day meeting of the first Finance Ministers and Central Bank Governors (FMCBG) held in February, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets. "I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now also getting acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she had said after the conclusion of FMCBG. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors. The International Monetary Fund-Financial Stability Board (IMF-FSB) synthesis paper will be submitted in September, she added. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation. The global standard-setting bodies, such as the Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Basel Committee on Banking Supervision (BCBS), have been coordinating the regulatory agenda while working within their respective institutional mandates. India hopes to broaden the G20 discussion on crypto assets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy. This will require a data-based and informed approach to the global challenges and opportunities of crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Crypto issue requires immediate attention, says FM Sitharaman

<ul class="summary-list"><li><keyword id="116445" type="COMPANY" weightage="60" keywordseo="Hedge-funds">Hedge funds</keyword> plan to ramp up their crypto holdings to more than 7% of assets by 2026, a survey showed.</li><li>That would equate to around $313 billion of cryptocurrency holdings, Intertrust Group said.</li><li>Hedge funds have been drawn to the volatility and huge price rises in <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> such as <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>.</li></ul>Hedge fund bosses are planning to ramp up their holdings of cryptocurrencies, predicting that an average of 7.2% of their assets under management will be held in digital tokens by 2026, a survey has found. That would equate to around $313 billion of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-42ddffb1-7fff-e4a8-3f37-a3714de694fc">cryptocurrency</a> holdings, based on an estimate of the future size of the hedge fund industry, according to Intertrust Group, which carried out the research. The finding is a sign that many potential institutional buyers are not being put off by bitcoin's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035">recent plunge</a>, but see cryptocurrencies as a long-term strategy. "Certain cryptocurrencies, such as <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a>, have delivered incredible - albeit volatile - performance in recent years," said Jonathan White, global head of fund sales at Intertrust, a Netherlands-based professional services group. "Inevitably, they have drawn growing interest from hedge funds as well as institutional and retail investors." Intertrust's survey, first reported by the Financial Times, found that one in six respondents expect their funds to have more than 10% in cryptocurrencies in five years' time. Just shy of all respondents said they expect to have at least some crypto investments by then. The company polled 100 chief financial officers at hedge funds around the world, with average assets under management of $7.2 billion. North American hedge funds were the most bullish on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-5a593831-7fff-09b2-e64d-85bdaba58206">crypto</a>, predicting that they would hold around 11% of their assets in digital tokens by 2026. Given the secretive nature of the hedge fund industry, it's unclear how much crypto exposure these institutions currently have. Yet most hedge funds that have moved into the space have only committed a small amount. For example, Brevan Howard <a href="https://markets.businessinsider.com/currencies/news/brevan-howard-crypto-hedge-fund-set-to-invest-bitcoin-2021-4-1030312070">plans to invest</a> up to 1.5% of its main $5.6 billion fund in cryptocurrencies, it said in April. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a>

Hedge funds expect to hold $310 billion in cryptocurrencies within 5 years - more than 7% of their assets

<ul class="summary-list"><li><keyword id="4462663" type="PERSON" weightage="60" keywordseo="vitalik-buterin">Vitalik Buterin</keyword> burnt 90% of his Shiba Inu assets, over 40% of all coins in circulation.</li><li>Buterin said he plans to donate the remaining 10% of the coins he owns to charity. </li><li>He previously donated Shiba Inu coins worth $1 billion to a COVID-19 relief fund for India. </li></ul><keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword> co-founder Vitalik Buterin burned 90% of his Shiba Inu holdings and will donate the remaining 10% according to a note he left on an ether transaction made on Sunday evening. Over 40% of the coin's total circulation have thereby been taken out of the market. Burning and donating the coins was the only option, Buterin said. He'd previously been given 50% of all Shiba Inu tokens by the coin's creators, said. It was the only way to avoid his transactions in Shiba Inu being interpreted as actions, or indicators on his part, he said. Buterin also urged coin creators not to send large amounts of tokens to individuals or charities without their consent. "I don't *want* to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first)," he wrote in his note. The burned coins have effectively been taken out of circulation - "burning" a <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> token means sending it to a public address that is inaccessible, where it will then lay unused. Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100-times trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a>More than 40% of Shiba Inu tokens have now been burned, which amounts to around 410 trillion coins worth around $7 billion. Shiba Inu rose by over 40% to $0.00001953 after Buterin's statement. Based on CoinMarketCap <a href="https://coinmarketcap.com/currencies/shiba-inu/">data</a>, the coin was last up 0.6% in the 24 hours to 08:17 E.T., trading at $0.0000161. SHIB is a small, dogecoin-inspired token that gained 1,000% last week. Its <a href="https://www.shibatoken.com/">website</a> describes it as an "experiment in decentralized spontaneous community building". <a href="https://markets.businessinsider.com/currencies/news/shiba-inu-binance-indian-exchange-dogecoin-ethereum-vitalik-buterin-donation-2021-5-1030431008">Binance's Indian platform listed the SHIB coin</a> late last week. Buterin said he had not yet decided to which charity he would donate the remaining 10% of his Shiba Inu tokens. He said he wanted to support an organization that aimed to prevent "large-scale loss of life" in the long term. <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">Last week, Buterin donated Shiba Inu coins worth $1 billion</a> to CryptoRelief, a crypto-based charity fund set up by Sandeep Nailwal, co-founder of the Ethereum platform Polygon, to support India in its fight against a deadly wave of COVID-19. Buterin said he would not donate the remaining Shiba Inu tokens to the same fund, as it was important to think about the future."I've actually been impressed by how the dog token communities have treated the recent donations! Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better." Buterin said.

Ethereum co-founder Vitalik Buterin destroys 90% of his Shiba Inu holdings - almost half the coin's circulation

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> looks set to regulate <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> trading, rather than slap an outright <keyword id="11917174" type="UNKNOWN" weightage="60" keywordseo="ban" source="Orion">ban</keyword> on digital currencies as feared.</li><li>People should declare their crypto assets and put them on an exchange, the government suggested, according to an NDTV report.</li></ul>Crypto fans in India can breathe a bit easier, as the country's government looks ready to bring in <keyword id="11929846" type="UNKNOWN" weightage="60" keywordseo="regulation" source="Orion">regulation</keyword> on trading, rather than impose an outright ban on digital currencies, as many had initially feared.Lawmakers in India's lower house last week introduced <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11">a bill to prohibit "all private cryptocurrencies"</a> in the country, except for some tokens with useful underlying technology.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> prices slid on local exchanges, as crypto holders faced the prospect of their holdings becoming outlawed.But the Indian government appears to be taking a less drastic tack, going by a cabinet note on the <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">Lok Sabha bill</a> cited by <a href="https://www.ndtv.com/business/all-private-cryptocurrency-will-be-regulated-not-banned-sources-2634414">local media outlet NDTV</a>.The note said the proposed <keyword id="11899820" type="UNKNOWN" weightage="60" keywordseo="law" source="Orion">law</keyword> should refer to "crypto assets" and not "<keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>," NDTV reported, citing sources, on Thursday.There will be a deadline for people to declare their crypto assets and put them on existing exchange platforms, it said.Those crypto exchanges should be overseen by the market regulator, the Securities and Exchange Board of India, it said.The government suggested any violation of the rules could be punished with prison terms of up to 18 months, or by fines imposed by the SEBI. The penalties could reach as high as 20 crore rupees, equivalent to about $2.6 million dollars.As lawmakers hammer out India's regulatory approach to cryptocurrencies, its central bank is planning to test a "digital rupee" in the next few months. That central bank <keyword id="12086982" type="UNKNOWN" weightage="60" keywordseo="digital-currency" source="Orion">digital currency</keyword>, or CBDC, won't be covered by the proposed measures, according to NDTV.The cabinet note quashed any hope that a private cryptocurrency will be recognized as legal tender in India.

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Crypto issue requires immediate attention, says FM Sitharaman

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Hedge funds expect to hold $310 billion in cryptocurrencies within 5 years - more than 7% of their assets

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Ethereum co-founder Vitalik Buterin destroys 90% of his Shiba Inu holdings - almost half the coin's circulation

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India won't ban private cryptocurrencies, but will regulate them instead: NDTV report

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