India Close to Finalize Consultation Paper on Cryptocurrencies

India after consultation with World Bank and International Monetary Funds (IMF), is close to finalize a consultation paper on cryptocurrency.

The secretary of Indian Finance Ministry’s Department of Economic Affairs Ajay Seth said that their consultation paper regarding the cryptocurrency is ready and they have come to this conclusion after deep discussion with international organizations like IMF and World Bank and domestic and institutional stakeholders. Though it is not yet clear whether with these papers the crypto will be legalized or not in the country. That decision will be taken in the parliament.

In a question answer session with the reporters Ajay Seth clarified that their government cannot yet take a decision about the legalization or banning of cryptocurrency without a global consensus. He further added that there needs to be a broad framework and participation of all countries.

The Indian Prime Minister has cleared his stance regarding the cryptocurrency in the 2022 World Economic Forum’s annual Davos conference “The Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action”

In this year’s annual budget the Indian government plans to implement 30% tax on the gains earned from cryptocurrency investments.

Also Read: Global Crypto Regulatory Body will be Established Soon