India’s economic affairs minister has said that the government’s consultation paper regarding cryptocurrency is “fairly prepared.” He stated that India is interested in a “global paradigm” for digital assets and stressed that all economies must be included within this framework.
Ajay Seth, Economic Affairs Secretary, on Crypto
Ajay Seth, Indian Economic Affairs Secretary, provided Monday’s update on India’s progress in establishing India’s crypto-policy.
CNBC TV18 quoted him as saying the following:
We have our consultation paper almost ready. We went deep and consulted all the national institutional stakeholders as well as the World Bank and International Monetary Fund.
The economic affairs secretary said, “So we hope we will soon be able to finalize our consultation papers.”
Bitcoin.com News reported that Indian finance minister officials met with representatives from the IMF, World Bank and Securities and Exchange Board of India to discuss a regulatory framework for crypto assets. The IMF stated that crypto assets were high up on India’s agenda.
Seth also spoke Monday about “digital assets” as a broad concept. Seth said: “Regardless of how we want to deal those assets, there must be a broad framework upon which all economies can be together.”
A government official stated that this point had been repeatedly made. The same topic is being discussed by other countries. He pointed out that the IMF and the U.S. Treasury are also discussing the same topic.”
We are currently examining a “global paradigm” for digital assets.
Seth brought up the need to have a global consensus about cryptocurrencies. Seth stated that India would consider the regulations in other countries before it establishes its own crypto policy.
If there is a global consensus on the regulations for any country, then there must be a wide framework of participation from other countries.
Indian Finance Minister Nirmala Sitharaman stated in April that the regulation of cryptocurrency would not be made quickly. She explained that it must take time to ensure everyone is satisfied with the decision made.
