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Tuesday, March 28, 2023

Indian Government Finalizing Crypto Consultation Paper

Indian Government Finalizing Crypto Consultation Paper – The government’s consultation paper on cryptocurrency is apparently “fairly ready,” according to India’s economic affairs secretary.

He stated that the Indian government is considering “a global paradigm on digital assets,” adding that “there must be a broad framework upon which economies must be connected.”

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Ajay Seth, the Indian Economic Affairs Secretary, delivered an update on the government’s efforts in developing India’s crypto policy on Monday.

He was quoted by CNBC TV18 as saying on the government’s crypto consultation paper:

“We went into a deep dive and consulted not just domestic institutional stakeholders, but also the World Bank and the International Monetary Fund,” and our consultation paper is fairly ready.

“As a result, we hope to be able to conclude our consultation paper very soon,” the economic affairs secretary added.

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According to a recent report, Indian finance ministry officials met with the IMF, the World Bank, the Reserve Bank of India, as well as the Securities and Exchange Board of India in April to explore a crypto regulatory framework. Crypto assets are high on India’s agenda, according to the IMF at the time.

On Monday, Seth talked about “digital assets” in a broader sense. “However we want to deal with such assets, there has to be a broad framework from which all economies must be connected,” he explained.

“This point has been made several times,” the government official stated. The same issue is being discussed in other countries. The IMF and the US Treasury are both talking about the same thing.” He added:

“On digital assets, we’re looking at a ‘global paradigm.'”

The necessity for a worldwide agreement on cryptocurrencies was then brought up by Seth. He stated that before developing its own crypto policy, India will review rules in other nations, elaborating:

“If there is global consensus on the regulations, then there must be a broad framework of participation of countries for any country.”

Also Read: Provision Allowing Cryptocurrency Payments in Foreign Trade Added to Russian Bill

Indian Government Finalizing Crypto Consultation Paper – Indian Finance Minister Nirmala Sitharaman declared in April that the decision on cryptocurrency legislation would not be hastened. “It will take time for all of us to be convinced that, at the very least, we are making a reasoned judgment with the available information,” she did explain.

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