India’s Economic Affairs Secretary Gives Update on Crypto Regulation

India’s Economic Affairs Secretary Gives Update on Crypto Regulation

India’s economic affairs secretary, Dr. Ajay Seth, reportedly shared an update on what his government doing towards the finalization of the cryptocurrency legislation.

Speaking with PTI, in a Friday publication, Seth responded to questions ‘if’ and ‘when’ the government would be introducing crypto regulation in the Budget session of parliament. He said:

“Regulation or ban, whatever it is, appropriate policy response to crypto assets is in the making.

How long? I am unable to put a finger on. I don’t see this happening in the Budget session for sure. The work is in progress.”

India’s cryptocurrency bill was to be considered in the Winter session of parliament but got postponed. Now, the global crypto industry is anxiously waiting for India’s official position on the matter. With a population of almost 1.4 billion people, it nearly surpasses China and accounts for 18% of the world’s total. A recent study by Deloitte revealed that 83% of Indians would invest in crypto once regulated. A ‘green light’ on crypto in the country would then certainly give the global crypto-markets a massive surge.

The economic affairs secretary also shared what his government is currently doing in the process of the finalizing the legislation. He detailed:

“At this point of time, we are interacting with various stakeholders, especially the institutional stakeholders and not crypto stakeholders.

Stakeholders which have the mandate on monetary policy, fiscal policy, financial stability, and development economics are in touch.”

Furthermore, Seth said that India will not be finalizing its crypto policy until after the G20 meeting:

“I do expect that in the current year the discussion would be starting in the G20 forum on appropriate global response to crypto assets.”

India’s central bank digital currency (CBDC), he added in the article, will also be a reality in 2022-23.

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Source: igaming