India’s economic affairs secretary has reportedly revealed that the government’s consultation paper on cryptocurrency is “quite ready.” He explained that the Indian government is looking for “a global paradigm on digital assets,” emphasizing that “there has to be a broad framework in which all economies must be together.”
Secretary for Economic Affairs Ajay Seth on cryptocurrencies
Indian Secretary for Economic Affairs Ajay Seth provided an update Monday on the government’s progress in setting India’s crypto policy.
Speaking about the government consultation paper on crypto, CNBC TV18 quoted him as saying:
Our consultation document is quite ready and we dove deep and consulted not only national institutional stakeholders but also the World Bank and the International Monetary Fund.
“So we hope that soon we will be in a position to finalize our consultation document,” added the Secretary for Economic Affairs.
In April, news from Bitcoin.com reported that Indian Ministry of Finance officials discussed a crypto regulatory framework with various stakeholders, including the IMF, the World Bank, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India ( SEBI). The IMF pointed to the moment when crypto assets are high on the agenda for india
Seth also discussed “digital assets” in a broader sense on Monday. He described: “Whatever way we want to deal with those assets, there has to be a broad framework in which all economies have to be together.”
The government official emphasized: “This point has been made over and over again. Even other countries are talking about the same thing. The IMF is also talking about the same thing, as is the US Treasury.” He noticed it:
We are facing a “global paradigm” on digital assets.
Seth then mentioned the need for a global consensus on cryptocurrencies. He stated that India will consider regulations applied in other countries before setting its own crypto policy, elaborating:
For any country, if there is a global consensus around regulations, then again there has to be a broad framework for country participation.
In April, Indian Finance Minister Nirmala Sitharaman said that the decision on regulating cryptocurrencies won’t rush. “You have to take your time so that we can all be sure that at least, with the information available, we are making the right decision,” he detailed.
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