THE DAILY ENCRYPT

[date-today format='F j, Y']

India Focus On Regulating Digital Assets – IMF Director Says

According to the International Monetary Fund (IMF), crypto regulation is "certainly high up on the agenda" in India, according to a director. "We are working...
red and blue boke lights
Photo by Shahadat Rahman

According to the International Monetary Fund (IMF), crypto regulation is “certainly high up on the agenda” in India, according to a director. “We are working to develop global standards for crypto asset regulation. The official at the IMF stated that India should also adopt these standards.

IMF’s Crypto Regulation in India

Tobias Adrian (Financial Counselor and Director, International Monetary Fund)’s Monetary and Capital Markets Department) discussed India’s crypto regulation during an interview with PTI Tuesday at IMF’s annual spring meeting.

Adrian stated that India is his favorite country.

The regulation of crypto assets is definitely high on the agenda.

He stressed that this is something that can be done worldwide. “We are working with the Financial Stability Board to develop global standards for crypto asset regulation. This is something that India should also consider.”

As the government is deciding how to handle crypto assets, officials from India’s Ministry of Finance were consulting with IMF and World Bank.

The IMF director commented then on taxation in India of crypto transactions. “Of course, it’s true that India has modified the taxation on crypto assets. That’s a good thing.”

On April 1, the Indian government began taxing cryptocurrency income at 30%, without allowing loss offsets and deductions. The country’s crypto trading volume fell after the Indian government began taxing cryptocurrency income at 30% without allowing loss offsets or deductions. Soon, a further 1 percent tax will be deducted at source.

Adrian pointed out that the IMF views India in a “very positive manner” overall. According to Adrian, he stated that he believes there are many opportunities for growth in India. There is a recovery. There is a lot of excitement about new growth opportunities and new developments. We value inclusive growth that touches all people. Our general outlook for India is positive.

A central bank digital currency (CBDC) was also discussed by an official of the IMF. The Reserve Bank of India (RBI) in India is currently working on a digital rupee. Finance Minister Nirmala Sitharaman stated that it will be introduced during the current financial year.

“The digital rupee, which will be the digital version of our physical rupee, will be regulated and regulated by RBI,” Indian Prime Minister NarendraModi explained . Modi stated that the digital rupee would revolutionize fintech. T. Rabi Sankar, RBI Deputy Governor, stated earlier this month that the central bank would launch a digital currency in a carefully calibrated and graduated fashion, while assessing the impact along the way.

The director of the IMF commented on India’s exploration of a digital currency central bank.

This could be very important for financial inclusion, financial development, and we will closely monitor what India does. These policy changes are also welcome.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES