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India ready with cryptocurrency consultation paper

May 31, 2022

India ready with cryptocurrency consultation paper
The government is ready with its consultation paper on cryptocurrencies, economic affairs secretary Ajay Seth said on Monday.

He said there are two aspects. “One, our consultation paper is fairly ready and we went into a deep dive and have consulted not just the domestic institutional stakeholders as well as the World Bank, and the International Monetary Fund. So, we trust that we will soon be in a situation to finalise our consultation paper,” Seth said.

“The other is digital assets. The manner in which we need to deal with those assets, there must be a wide structure on which all economies must be together. This point has been set aside a few minutes and once more. Even other countries are discussing exactly the same thing. The IMF is likewise discussing exactly the same thing, similar to the US depository. We are taking a look at a ‘worldwide paradigm’ on digital assets,” he said.

“Anything it takes, it’s a unique circumstance. We are not checking out at a static situation and afterward giving a peace meal solution. As the situation allows, it’s constantly evaluated. Anything that it takes is done expose to overall constraints,” he said.

Seth said there should have been a global consensus on cryptocurrencies. “For any nation, in the event that there’s worldwide agreement around the guidelines, again there must be a wide structure of support of nations,” he said, adding India would see guidelines enforced in different nations before deciding how it would regulate.

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