Ajay Seth, India’s economic affairs secretary, offered an update on the Indian government’s efforts to finalise cryptocurrency legislation. Crypto legislation is expected to be considered at the upcoming G20 conference of finance ministers and central bank governors, according to him.
India’s Economic Affairs Secretary Talks About Cryptocurrency Regulation
In an interview with PTI published Friday, India’s economic affairs secretary, Ajay Seth, purportedly discussed the progress of cryptocurrency legislation in India.
A cryptocurrency measure was scheduled to be debated during parliament’s Winter session, however it was not taken up. Many in the cryptocurrency community are now waiting to see when the Indian government would introduce a crypto bill.
Economic Affairs Secretary Seth said in response to a question regarding whether the government would implement crypto regulation during the Budget session of parliament:
Whether it’s regulation or prohibition, a proper policy response to crypto assets is in the works.
“How long?” he asked when asked when crypto legislation would be introduced. I can’t put my finger on it. I don’t think this will happen during the Budget session. “We’re working on it.”
The Indian government’s ongoing efforts to finalise cryptocurrency laws were also highlighted by the economic affairs secretary.
“At this time, we’re talking with a variety of stakeholders, primarily institutional stakeholders rather than crypto stakeholders,” he explained.
Stakeholders with responsibilities for monetary policy, fiscal policy, financial stability, and development economics are communicating.
G20 Meetings and Global Crypto Policy
The Indian government has stated that the country’s cryptocurrency legislation will be balanced. The government’s approach, according to Finance Secretary T. V. Somanathan, is to consult broadly and look at what’s occurring internationally in terms of crypto regulation.
The Indian crypto policy would not be determined until after the G20 meetings, according to Economic Affairs Secretary Seth. “Whatever restrictions are enacted, they will fail unless there is a worldwide consensus,” he said. It might succeed 80 percent to 90% of the time, but it won’t be a comprehensive answer.”
The secretary of state for economic affairs stated:
I believe that in the coming year, the G20 group will begin to address the right global response to crypto assets.
The first G20 meeting of finance ministers and central bank governors will take place on February 17 under Indonesia’s leadership. The finance chiefs will meet for the second time in April, and the third time in July.
Seth also affirmed that the Reserve Bank of India’s (RBI)-issued central bank digital currency (CBDC) will be a reality in 2022-23, as announced by the finance minister during her Budget speech.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
