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According to Reuters, the Indian government has nearly finished its consultation paper on cryptocurrencies, which will address its position on crypto regulations.
India’s crypto consultation paper
The economic affairs secretary, Ajay Seth, told the media that there needed to be a global consensus on cryptocurrencies before there could be regulations and that India would look at legislation in other countries before deciding how it would try to develop laws regulating the crypto industry.
According to Ajay Seth, the Indian government consulted parties such as the IMF and the World Bank for the cryptocurrency consultation paper during this conversation. Despite its moderate position on cryptocurrencies and regulations, the Indian government managed to anger many crypto investors by taxing returns from crypto investments at 30%. Still, the country has yet to give legal policy status.
India will introduce CBDC
While the government works to develop crypto regulations, the Reserve Bank of India is ready to introduce its central bank digital currency (CBDC). The CBDC will go through the proof of concept and pilot stages before the formal launch, urging gradual acceptance of the digital rupee.
The CBDC’s gradual implementation is high on the agenda for 2022-23. Earlier this year, India’s central bank declared that it would work on a CBDC. Nirmala Sitharaman, India’s Finance Minister, has also stated that the country will launch the digital rupee this year.
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