India has welcomed the support of the International Monetary Fund (IMF) in its task of formulating cryptocurrency legislation that will work at the international level. The development has been confirmed by Ajay Seth, India’s Minister of Economic Affairs. India took over the presidency of the group of G20 nations last December. Countries participating in this scheme under the leadership of India include Argentina, Australia, Brazil, Canada and Russia, among others.
Drafting detailed laws to govern the crypto sector has been on the main Indian agendas throughout the past year. President of G20. Nirmala Sitharaman, India’s Finance Minister, shared India’s crypto-related intentions with the G20 group last December.
IMF, formerly voice its concern against spreading the use of these volatile crypto assets, will prepare a draft for potential crypto laws.
“The IMF is working on an article in consultation with us (India) that will focus on aspects of monetary policy and the policy approach to crypto assets. There will be a 135-minute seminar on crypto-assets on policy response (during the G20 meeting later this month) and again, the IMF is preparing the complete paper that will form the basis, “A report by Coindesk quote Seth as said.
Despite India’s silence around their stance on the crypto sector, Seth reiterated that the crypto industry is not illegal in India.
Although the holding and trading of cryptocurrencies is allowed in India, some businesses also tested accepting cryptocurrency payments. Unlike El SalvadorIndia does not equate any cryptocurrency with its fiat currency.
Industry insiders in India recently expressed their disappointment after FM Sitharaman stayed completely silent about anything crypto-related.
Talk to Gadgets 360, representatives from crypto companies like WazirX and CoinSwitch speak that less than a year has passed since the crypto tax law went into effect in India and that the government is taking the time to analyze the crypto-related transaction and industry patterns that are thriving in the country. this.
Currently, the opinion of the IMF on the virtual digital asset industry is unknown.
