Indian Finance Ministry officials have recently discussed a crypto regulatory framework with various stakeholders including IMF, World Bank, Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI). Crypto assets are time high on India’s agenda.
Finance Ministry official Ajay Seth on Monday discussed and explained in depth digital assets.
“The way we want to deal with those assets, there has to be a broad framework on which all economies have to live together.”
He further reaffirmed the need for a global agreement on virtual currencies, confirming that India would consider regulations imposed in other countries before setting its own crypto policy.
Emphasize this:
“For any country, if there is a global consensus around the rules, then again there should be a good framework of countries’ participation. This has been said time and again. Other countries are saying the same thing. IMF too is talking about, as is the US Treasury.” Added: “We are seeing a global paradigm shift on digital assets.”
The Indian government is now looking for a global paradigm on digital assets, emphasizing that there should be a comprehensive framework that all economies can agree on. India’s economic affairs secretary Ajay Seth provided an update on the government’s progress in setting India’s crypto policy, saying the government’s consultation paper is now “quite ready”.
Speaking on the government’s consultation paper on crypto, Ajay Seth was quoted by CNBC TV18 as saying:
“Our consultation paper is quite ready and we have consulted not only domestic institutional stakeholders but also the World Bank and the International Monetary Fund in depth, so we hope to be in a position to finalize our consultation paper very soon. “ Ajay Seth attended.
Indian Finance Ministry officials have raised the need for a global consensus on virtual currencies, and have also confirmed that India will consider regulations imposed in other countries before setting its own crypto policy. noted:
“For any country, if there is a global consensus around the rules, then again there should be a good framework of countries’ participation.”
Indian Finance Minister Nirmala Sitharaman clarified that she is not in a rush to decide on crypto regulations. Given that this is a time-consuming process as they need to be very sure about the information available to make proper rules on virtual assets.