A timeline of crypto regulations: From ‘illegal tender’ to G20 leaders’ green signal

livemint.com:

Finance ministers of G20 nations have now adopted the synthesis paper released by Financial Stability Board (FSB)  and International Monetary Fund (IMF) that carries a number of suggestions on regulations of cryptocurrencies.

A section of stakeholders have touted this as a pathbreaking step and believe this to be an important step in the run up to a full-fledged regulatory framework for cryptocurrencies, while some call it a work in progress.  

«The adoption of the G20 roadmap on crypto-assets… is a detailed and action-oriented roadmap that will help coordinate global policy as well as develop mitigating strategies and regulations on crypto assets,» says Ashish Singhal, Co-Founder and CEO, CoinSwitch.

“It is one of the first such initiatives around the world, especially related to emerging technologies, wherein such a consensus has been achieved. It is definitely a game changer, and establishes a precedent for discussions around other emerging technologies world-wide," says Kiran Mysore Vivekananda, Chief Public Policy Officer, CoinDCX.

Here, we give a timeline of steps that cryptocurrencies went through in its yet unfinished journey to become a legally accepted asset class with a set of well-defined regulations. 

Feb 1, 2018: Then Finance Minister Arun Jaitley, during the Budget Speech, said government did not consider cryptocurrencies as legal tender or coin and would eliminate use of crypto assets in financing illegitimate activities. But the FM spoke  in favour of blockchain technology.

April 5, 2018: RBI issues a notification restricting banks to enable funds transfer for buying digital currencies. This was challenged in the Supreme Court.

March 2020: Two years later, a three-judge bench of Supreme Court quashed