India Consultation Paper on Crypto ‘Fairly Ready’, Government Official Says
According to a government official, India is close to the finalization of its consultation paper on crypto after recent sparring with the World Bank, International Monetary Fund (IMF) and others.
Speaking to the press, secretary of the Finance Ministry’s Department of Economic Affairs, Ajay Seth, said:
“Our consultation paper is fairly ready. We have gone through a deep dive consulting with not just the domestic and institutional stakeholders but also organizations like IMF and World Bank.
We hope that we will soon be in a position to finalize our consultation paper.
Simultaneously we are also beginning our work for some sort of a global regulation (to determine) what role India can play,”
Whether the consultation paper will affect the country’s upcoming crypto legislation, which still needs to pass parliament, is unclear.
Seth also commented on the rumors of India possibly banning cryptocurrency and said:
“Whatever we do, even if we go to the extreme form, the countries that have chosen to prohibit, they can’t succeed unless there is a global consensus.”.
Nevertheless, the secretary said that irrespective of a country’s stance on the legal status of cryptocurrencies, “there has to be a broad framework and participation of all countries.”
Referring to Prime Minister Narendra Modi’s keynote address at the Sydney Dialogue last November, Seth added:
“[The] prime minister in the Sydney conference made this point and he has made this point on more than one forum”
Prime Minister Modi, spoke virtually at the 2022 World Economic Forum’s annual Davos conference, he reiterated his position. He explained:
“Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action.”
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Source: igaming
