Indian Government Finalizes Crypto Consultation Paper – “We Are Working on a Global Paradigm for Digital Assets” – Regulating Bitcoin News

India’s Minister of Economic Affairs has reportedly revealed that the government’s consultation paper on cryptocurrencies is “ready to go.” He explained that the Indian government is working on a “global paradigm for digital assets,” stressing that “there must be a broad framework on which all economies must come together.”

Economic Affairs Minister Ajay Seth on Crypto

Indian Minister of Economic Affairs Ajay Seth on Monday provided an update on the government’s development of India’s crypto policy.

Speaking about the government’s consultation paper on encryption, CNBC TV18 quoted him as saying:

Our consultation paper is ready and we have conducted in-depth research, consulting not only domestic institutional stakeholders, but also the World Bank and the International Monetary Fund.

“We therefore hope that we will be able to finalize our consultation paper very soon,” the economic affairs minister added.

April, News report Indian Ministry of Finance officials discussed the crypto regulatory framework with various stakeholders including the International Monetary Fund, World Bank, Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI).The IMF takes notice of the age of cryptoassets Important things on the agenda for India.

Seth also discussed “digital assets” in a broader sense on Monday. “Whatever we want to do with these assets, there has to be a broad framework on which all economies have to come together,” he described.

The administration official stressed: “This has been repeatedly emphasized. Even other countries are talking about the same thing. The IMF is talking about the same thing, and so is the U.S. Treasury Department.” He noted:

We are working on a “global paradigm” for digital assets.

Seth then raised the need for a global consensus on cryptocurrencies. He affirmed that India will consider regulations implemented in other countries before formulating its own cryptocurrency policy, detailing:

For any country, if there is to be a global consensus around regulations, there must be a broad framework for national participation.

In April, Indian Finance Minister Nirmala Sitharaman stated that the decision on cryptocurrency regulation not in a hurry“We all have to take the time to make sure that, at the very least, given the information available, we are making an informed decision,” she detailed.

What do you think of the remarks made by India’s Minister of Economic Affairs, Ajayses? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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