India Drives Close to Putting Together Its Cryptocurrency Consultation Paper

Vignesh Karunanidhi
India Drives Close to Putting Together Its Cryptocurrency Consultation Paper
Source: Forkast News

India is getting close to finalizing its cryptocurrency consultation paper. The announcement was made by the economic affairs secretary Ajay Seth on Monday.

“Our consultation paper is fairly ready and we went into a deep dive 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, Economic Affaris Secretary India

He mentioned two aspects when it comes to finalizing the consultation paper. The primary element mainly deals with the consultation paper that Ajay Seth said is being finalized. The government is preparing the consultation paper after consultations with the World Bank and International Monetary Fund. The second aspect, according to Ajay Seth, is digital assets.

Source: Finbold

India envisions a broader digital asset framework

Ajay Seth mentioned that there has to be a broader framework for all the economies for the government to deal with digital assets.

“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 US treasury. We are looking at a ‘global paradigm’ on digital assets.”

Ajay Seth

Ajay said there has to be a global agreement on cryptocurrencies. He also said that India would look at regulations from other countries before jumping to a decision. Ajay highlighted that there should be a global response to deal with the issues and challenges posed by cryptocurrencies.

Source: Euronews

India’s crypto industry took a major toll when the government introduced a hefty 30% tax on crypto earnings that came into effect on April 1. Additionally, the budget also introduced a 1% TDS on every transaction. The unthoughtful decisions are definitely affecting the crypto investors of the country.