Consultation Paper On Crypto Almost Ready; To Be Submitted Soon: DEA Secretary

Story Highlights
  • Economic Affairs Department readies consultation paper on cryptocurrencies.
  • The papers were made after consultations from domestic and other participants.
  • India announced to levy tax of 30per cent on investments made through cryptocurrency.

New Delhi: Economic Affairs Secretary Ajay Seth on Sunday hinting at the fate of cryptocurrency in India stated that the department is ready with its consultation paper on cryptocurrencies and will submit it soon.

A lot of consultation has been done from both domestic and other participants, Seth said on the sidelines of an event organised by the Finance Ministry. He also pressed that a global response is needed to deal with the challenges posed by crypto.

According to a news agency, he said that institutional stakeholders like the IMF and the World Bank have been consulted for the cryptocurrency consultation paper.”Consultation paper is fairly ready. We have gone through deep dive, consulted not just domestic stakeholders but also organisations like IMF, World Bank. We hope we’ll soon be in a position to finalise the consultation paper,” it quoted as Seth said.

In its annual budget this year, the centre had announced to impose a tax of 30 per cent, however it didn’t legalise the digital investment.

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