Finance Ministry will have public consultation about crypto in about 6 months.
The crypto industry of India has been longing for regulations for quite long. There is a major update about the same.
India’s Ministry of Finance is working on a consultation paper to devise a domestic regulatory framework, reported Business Standard citing anonymous sources.
“At present, we are engaged in consultation with institutions like the International Monetary Fund (IMF), World Bank, and the Financial Stability Board (FSB). While a global consensus on the issue may take time, we are working on a consultation paper on crypto assets to formulate our own views on the matter. We will release it for public consultation in about six months.”a Finance Ministry official
The long-awaited crypto bill has been put in abeyance by the Government. Multilateral bodies are in discussions to devise a global consensus on the contentious issue.
Last month, the Group of Twenty (G20) Finance Ministers and Central Bank Governors, which includes India, stated that the body is assessing the benefits and risks to global financial stability including cyber risks and the potential for regulatory gaps and arbitrage posed by crypto-asset markets and innovation.
In the past few days, the UAE and the United States have made major announcements about their vision towards adopting digital assets. President Joe Biden signed an Executive Order on Ensuring Responsible Innovation in Crypto. It is expected that the Indian Government may also take a positive stance towards crypto given the potential of the industry.
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