Economic Affairs Secretary Ajay Seth said on Monday that the government will soon finalise a consultation paper on cryptocurrencies with input from various stakeholders and institutions, including the World Bank and the IMF.
He also emphasised the importance of a global response to challenges relating to cryptocurrencies, which operate in the virtual world. The Reserve Bank of India (RBI) has expressed reservations about virtual currencies on various occasions, citing a threat to macroeconomic stability as a reason. Addressing on the sidelines of the curtain raiser event of 'Iconic Week' as part of Azadi Ka Amrit Mahotsav to be celebrated by the Finance Ministry, he said the consultation paper is fairly ready.
"We consulted not only domestic institutional parties, but also international organisations such as the World Bank and the International Monetary Fund. As a result, we are hopeful that we will be able to complete our consultation paper soon "he stated India, he claimed, has begun work on some type of global regulations at the same time. "Countries that have banned it will not be able to comply unless there is a global consensus. A broad framework of engagement is required. Whatever method we use to deal with digital assets, there must be a broad foundation on which all economies must be united. No country has the option of choosing between the two positions.
We need a global consensus on cryptocurrency regulation "he stated As Seth pointed out, the Prime Minister has made this observation several times. "In the Amrit Kal, we can conquer the current obstacles as well as the challenges that will face us in the next years. The global economy has been challenged by significant global headwinds,... Despite this, India is on track to grow at the quickest rate of any significant country on the planet. That was the situation six months ago, and that is our view today "he said.
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