Indian Government Finalizing Crypto Consultation Paper — ‘We Are Looking at a Global Paradigm on Digital Assets’

India’s economic secretary has reportedly revealed that a government consultation paper on cryptocurrencies is “quite ready.” He explained that the Indian government is considering a “global paradigm on digital assets” and stressed that “there needs to be a broad framework within which all economies must come together.”

Economic Secretary Ajay Seth on crypto

Indian Economic Affairs Secretary Ajay Seth on Monday provided an update on the government’s progress in establishing a cryptography policy in India.

On the government’s consultation paper on crypto, he was quoted by CNBC TV18 as saying.

Our consultation paper is pretty much ready, we went into a deep dive and consulted not only domestic institutional stakeholders but also the World Bank and the International Monetary Fund.

“So we hope to be in a position to complete our consultation paper soon,” the economic secretary added.

In April, Bitcoin.com News reported that officials from the Indian Ministry of Finance discussed the crypto regulatory framework with various stakeholders, including the IMF, the World Bank, the Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI) The IMF said crypto assets were high on the Indian agenda noted at the time that.

Seth also discussed “digital assets” in a broader sense on Monday. He explained.” Whatever way you want to address those assets, there has to be a broad framework within which all economies have to come together.”

The government official stressed that.

“This point has been made many times. Other countries are talking about the same thing, the IMF is talking about the same thing, the US Treasury is talking about the same thing.” He pointed out.

We are looking at a “global paradigm” regarding digital assets.

Seth then raised the need for a global consensus on cryptocurrencies. He affirmed and elaborated that India should consider regulations in force in other countries before establishing its own crypto policy.

Any country, if there is a global consensus on regulation, still needs a broad framework with participation from all countries.

In April, Indian Finance Minister Nirmala Sitharaman said that a decision on cryptocurrency regulation would not be rushed. She elaborated, “At the very least, we all have to take our time to make sure that with the available information given, we are making identified decisions.”

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