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According to various local media outlets, Indian authorities will determine whether the legalize cryptos soon. It will decide once it completes its consultation with other authorities. India is consulting with two authorities (the world bank and the IMF) over the matter.
Not Wanting To Violate International Monetary Rules
The Indian government is making this move to ensure that it isn’t violating any international monetary rules if it approves a crypto regulatory policy. According to India’s economic affairs secretary, Ajay Seth, the crypto consultation paper is in its closing stages.
He added that it would soon be complete. The legalization of crypto was one of the main topics of discussion during the recently concluded iconic week event. The ministry of labor and employment hosted the event.
Seth also said, “We always want to have a globally accepted framework to regulate digital assets or new technology. Hence, we want a uniform regulation on crypto that is accepted worldwide.”
Details On The Crypto Consultation Kept A Secret
India wants to implement the crypto consultation paper as part of its crypto regulation. India hasn’t made the full details of the content in the crypto consultation to be available to the public. Indian authorities haven’t provided greater clarity of its position on digital assets. Instead, it has been issuing one crypto tax regulation after another.
Various government bodies issue opposing official statements about cryptos. India’s apex bank (the RBI) often states that cryptos are disguised Ponzi schemes. This has been the position of the RBI over the last five years. A few months ago, the apex also warned financial institutions offering crypto services to stop. Otherwise, it would prosecute them.
The IMF has stated that digital asset regulation is a top priority for India. However, Ajay Seth added that “all authorities globally need to develop a uniform framework for regulating cryptos.”
Is There A Complete Ban On Cryptos In India?
The answer is no one knows. No official statements state that the government has banned cryptos completely. However, a top-level government official said, “regardless of what we do about regulating crypto, there is still a need for uniform crypto regulation worldwide.”
Then, he said, “countries that have banned cryptos completely may still reverse their decision. This will happen if all global authorities agree that cryptos are legal and should be allowed in all countries. Then, nations like China would have no choice but to reverse its crypto ban policy.”
He also said that collecting crypto regulations from various countries with one. Then, it would use them as the basis for its crypto regulatory policy. A march 2020 verdict by India’s supreme court currently rules out a ban on cryptos.
The court claims that it is ‘unconstitutional’ for the Indian government to ban cryptos outrightly. India’s finance minister, Nirmala Sirtharamna, has said the authorities would take their time before making a final decision about cryptos.
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