Fairly ready crypto consultation paper, consulted organizations like IMF, World Bank: Secretary for Economic Affairs

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Crypto-lending consultation paper: Economic Affairs Secretary Ajay Seth

New Delhi: Days after the Reserve Bank of India said it had taken a graduated approach for the launch of central bank digital currency in the country, Economic Affairs Secretary Ajay Seth said on Monday that the government was almost ready with its consultation paper on cryptography.
Adding that they have gone deeper into this issue, Seth told reporters that the consultation document was quite ready and for this they had consulted not only national stakeholders but also organizations like the IMF and the World Bank.

“We hope that we will soon be able to finalize the consultation document,” he added. The official further noted that there must be a broad framework of participation from all countries on the regulation of cryptocurrency.

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Global Crypto Consensus

His statement is in line with what Union Finance Minister Nirmala Sitharaman said last month during a meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva. During the meeting held on the sidelines of the IMF and World Bank Annual Spring Meetings, Sitharaman raised concerns about the use of cryptocurrencies in money laundering and terrorist financing and called to a framework for the regulation of cryptos.

While adding that all countries must come together to protect the use of digital assets, FM had said, “I think regulation using technology is the only answer. Regulation using technology will have to be so skilful that it should not be behind the curve, but make sure it is above it.

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Seth echoed the same and said we are also starting our work for global regulations whatever we do even countries that have gone so far as to ban this cannot be successful unless there is have a global consensus around this. “We have consulted them and we hope to be able to finalize our consultation document soon,” said the Secretary for Economic Affairs.

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