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Indian government is finalizing its consultation document on crypto

31-May-2022 By: Shikha Jha
Indian government is

The Indian government is finalizing its

 consultation document on cryptocurrency

According to reports, India's economic affairs secretary stated that the Government's consultation document on cryptocurrencies is "pretty ready." He added that the Indian government is considering a "global framework on digital assets," underlining that "there must be a broad paradigm on which all economies must be united."

On Monday, Ajay Seth, India's Economic Affairs Secretary, gave an update on the government's efforts to create the country's crypto policy. He was quoted as saying on the government's crypto consultation document: "Our consultation paper is fairly ready, and we went into a deep dive and have addressed not just domestic institutional partners, but also the World Bank and the International Monetary Fund."

“As a result, we are hopeful that we will be able to complete our consultation paper soon,” the economic affairs secretary added.

In April, officials from India's finance ministry met with representatives from the IMF, the World Bank, the Reserve Bank of India (RBI), and the Securities and Exchange Board of India to propose a crypto regulatory framework. 

On Monday, Seth talked about "digital assets" in a wider sense. He explained, "Regardless of how we wish to deal with such assets, there must be a broad paradigm on which all economies must be united."

Both the IMF and the US Treasury are discussing the same subject. He stated, "We're developing a 'global paradigm' on digital assets."

Seth then brought up the importance of a global agreement on cryptocurrency. Before adopting its own crypto policy, he stated that India will review legislation in other nations, he added, "If there is a global consensus on legislation, then there must be a broad framework of engagement from governments for every country."

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 certain that, at the very least, with the facts we have, we are making an informed judgment," she explained. 

Lastly, Narendra Modi shares his views on cryptocurrencies at the World Economic Forum's annual Davos meeting in 2022, stating, "Cryptocurrency is an illustration of the kinds of challenges we face as a global family as the world order shifts. To combat this, every nation and global agency must adopt coordinated and synchronized action."

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