India has welcomed help from the International Monetary Fund (IMF) in its quest to formulate crypto laws that would work on an international scale. The development was confirmed by Ajay Seth, India’s Minister for Economic Affairs. India took over the presidency of the G20 group of states in December last year. Countries involved in this Indian-led planning include Argentina, Australia, Brazil, Canada and Russia.
Drafting detailed legislation to regulate the crypto sector has been ranked among India’s top agendas during its year-long existence G20 Presidency. Nirmala Sitharaman, the finance minister of India, had shared India’s crypto-related intentions with the G20 group last December.
The IMF, previously expressed his concerns against the proliferation of use of these volatile crypto assets would be the preparation of a draft of potential crypto laws.
“The IMF, in consultation with us (India), is working on a paper that will focus on aspects of monetary policy and policy approach crypto assets. There will be a 135-minute policy response seminar on crypto assets (during a G20 meeting later this month), and for that, the IMF is again preparing the final paper that will form the basis,” according to a Coindesk report quoted As I said, Seth.
Despite India’s silence on its stance on the crypto sector, Seth has reiterated that the crypto industry is not illegal in India.
While holding and trading crypto is legal in India, there are some company have also experimented with accepting crypto payments. not how ElSalvadorIndia does not equate any cryptocurrency with its fiat currency.
Industry insiders in India recently voiced their disappointment after FM Sitharaman remained completely silent on anything cryptocurrency-related.
Talking to Gadgets 360, representatives from crypto companies like WazirX and CoinSwitch said that it has been less than a year since crypto tax laws came into force in India and that the government is taking the time to analyze crypto-related trade and industry patterns that are thriving in the nation.
For now, the opinion of the IMF on the virtual digital asset industry remains unknown.
