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

India’s economic affairs secretary has reportedly revealed that the government’s consultation paper on cryptocurrency is “fairly ready.” He explained that the Indian government is looking at “a global paradigm on digital assets,” emphasizing that “There has to be a broad framework on which all economies have to be together.”

Ajay Seth, Economic Affairs Secretary on Crypto

Indian Economic Affairs Secretary Ajay Seth provided an update Monday on the government’s progress to establish India’s crypto policy.

Speaking about the government’s consultation paper on crypto, he was quoted by CNBC TV18 as saying:

The consultation paper has been prepared and we have done a thorough dive to consult not only the national institutional stakeholders, but also the World Bank and International Monetary Fund.

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

Bitcoin.com News reported in April that Indian finance minister officials had discussed the creation of a cryptocurrency regulatory framework with several parties, including the IMF and World Bank. According to the IMF, crypto assets were high up on India’s agenda.

Seth also discussed “digital assets” in a broader sense Monday. He described: “Whatever way we want to deal with those assets, there has to be a broad framework on which all economies have to be together.”

The government official stressed: “This point has been made time and again. Other countries also talk about this same issue. The IMF is also talking about the same thing, as is the U.S. treasury.” He noted:

We are looking at a ‘global paradigm’ on digital assets.

Seth raised the issue of a global consensus about cryptocurrencies. Seth said that India will look at regulations from other countries to determine its own policy on crypto.

For any country, if there’s global consensus around the regulations, then again there has to be a broad framework of participation of countries.

Indian Finance Minister Nirmala Sitharaman declared in April that there will be no rush to regulate cryptocurrencies. “It has to take its time for all of us to be sure that at least, with the given available information, we are making a discerned decision,” she detailed.

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Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.