India Ready with Cryptocurrency Consultation Paper: Govt Official

India Ready with Cryptocurrency Consultation Paper: Govt Official

On Monday, India’s Economic Affairs Secretary Ajay Seth revealed that the government is ready with its consultation paper on cryptocurrencies.

The govt. official cited two aspects on the crypto subject. Talking to reporters, he said that one of the aspects is that the consultation paper is fairly ready and the officials went into a deep dive for the same.

As per reports, he further informed that the officials have consulted the domestic institutional stakeholders, World Bank and the IMF. The officials are thus, in a hope of soon being in a position to finalise the consultation paper.

The other concern is digital assets. Speaking on which, Ajay Seth said that there has to be a broad framework on which all economies can be together. 

Seth emphasized that digital assets have been addressed time and again. Several other countries including the US Treasury are talking about the same thing and so is the IMF. He said, “We are looking at a ‘global paradigm’ on digital assets.” 

Seth said there needs to be a global consensus on cryptocurrencies. “For any country, if there’s global consensus around the regulations, then again there has to be a broad framework of participation of countries,” he said. 

Also read: India to Take a Considered View on Crypto: Indian FM 

He also mentioned that India would look at regulations enforced in other countries before deciding on how it would regulate the same.

Ajay Seth further touched upon the government’s expectations of inflation ‘to come down’ in the coming months.

Even as the government seems to remain undecided on its crypto-stance, especially its adoption, that ironically didn’t take away the government’s ‘sovereign right to tax’.

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