The Government’s Consultation Paper on Cryptocurrency is Fairly Ready, Says India’s Economic Affairs Secretary

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The Indian finance ministry officials have recently 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), noting that it’s now the crypto assets high time on the agenda for India. 

The finance ministry official Ajay Seth discussed and explained digital assets in-depth on Monday.

 “Whatever way we want to deal with those assets, there has to be a broad framework on which all economies have to be together.” 

He further brought up the need for a global agreement on virtual currencies, affirming that India will consider regulations imposed in other countries before establishing its own crypto policy. 

stressing on:

“For any country, if there’s global consensus around the regulations, then again there has to be a good framework of participation of countries. This point has been made time and again. Even other countries are talking about the same thing. The IMF is also talking about the same thing, as is the U.S. treasury.” added: “We are looking at a global paradigm on digital assets.” 

The Indian government is now looking for a global paradigm on digital assets, emphasizing that there has to be a broad framework upon which all economies have agreed upon.  India’s economic affairs secretary Ajay Seth providing the update on the government’s progress to establish India’s crypto policy said reportedly, that the government’s consultation paper is now “fairly ready”. 

Speaking on the government’s consultation paper on crypto, Ajay Seth quoted with CNBC TV18 said: 

“Our consultation paper is fairly ready and we went into a deep and have consulted not just the domestic institutional stakeholders but also the World Bank, and the International Monetary Fund, So we hope that we will soon be in a position to finalize our consultation paper.” Ajay Seth added. 

Indian finance ministry officials have brought up the need for global consensus on virtual currencies, and also affirmed that India will consider regulations imposed in other countries before establishing its own crypto policy. noted: 

“For any country, if there’s global consensus around the regulations, then again there has to be a good framework of participation of countries.”

Nirmala Sitharaman, the Indian Finance Minister clarified that they don’t rush to the decision on crypto regulations. Noting it is a time taking process as they need to be very sure about the available information to frame the proper regulations on virtual assets.