‘Global response needed…’: Centre says consultation paper on cryptos finalised

Published on May 30, 2022 04:09 PM IST
Economic Affairs secretary Ajay Seth said the government is also beginning our work for some sort of a global regulations as well, that what role India can play.
Economic Affairs Secretary Ajay Seth on Monday said a consultation paper on cryptocurrencies has been finalised and it will be submitted soon(Reuters)
Economic Affairs Secretary Ajay Seth on Monday said a consultation paper on cryptocurrencies has been finalised and it will be submitted soon(Reuters)
By | Written by Aryan Prakash

The Centre on Monday said that a consultation paper on cryptocurrencies has been finalised and will be submitted soon, PTI reported. Economic Affairs secretary Ajay Seth said that a lot of consultation has been done from both domestic and other participants, adding that a global response is needed to deal with the challenges posed by cryptocurrencies. 

"Simultaneously, we're also beginning our work for some sort of a global regulations as well, that what role India can play", the secretary told ANI. 

“Despite the challenging environment, India would still be the fastest-growing large economies in the world,” Seth added. 

This comes days after the Reserve Bank of India said it was proposing to adopt a ‘graded approach’ for the launch of central bank digital currency, which was announced as an alternative to cryptocurrency by the finance minister in her budget speech on February 1.

The bank regulator in its report said it was looking at the pros and cons of the digital currency, taking steps through stages of proof of concept, pilots and the launch.

During her visit to the US last month, finance minister Nirmala Sitharaman had said that India is concerned about the risks posed by cryptocurrencies and unhosted wallets which could enable money laundering and terror financing.

“India strongly feels the need for an adept and nimble technology-based global regulatory regime in the domain,” the minister had said while speaking at a panel on the future of money hosted by IMF in Washington DC.

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