{"id":3114,"date":"2022-04-04T04:16:36","date_gmt":"2022-04-04T04:16:36","guid":{"rendered":"https:\/\/fatburningcoffeetrick.com\/?p=3114"},"modified":"2022-04-04T04:16:37","modified_gmt":"2022-04-04T04:16:37","slug":"indian-government-consulting-with-imf-world-bank-on-crypto-policy","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3114","title":{"rendered":"Indian Government Consulting With IMF, World Bank on Crypto Policy"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>India\u2019s government is consulting with the International Monetary Fund (IMF), the World Bank, and Indian regulators in order to form the country\u2019s crypto policy. \u201cWe have reached out to institutional stakeholders within the country and outside. We are taking inputs from the IMF and the World Bank and incorporating these,\u201d said an official from the Indian ministry of finance.<\/strong><\/p>\n<h2>Indian Government in Talks With IMF, World Bank, RBI, SEBI on Crypto Policy<\/h2>\n<p>Indian finance ministry officials are discussing a framework for cryptocurrency with various stakeholders including the International Monetary Fund (IMF), the World Bank, the Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI), the Mint publication reported Thursday.<\/p>\n<p>\u201cWe have drafted a consultation paper on cryptocurrency,\u201d one of the officials revealed, elaborating:<\/p>\n<p>Now, we have reached out to institutional stakeholders within the country and outside. We are taking inputs from the IMF and the World Bank and incorporating these.<\/p>\n<p>\u201cWe will update the consultation paper based on that, and based on the responses by the RBI, SEBI, we will be updating it,\u201d the official added.<\/p>\n<p>The finance ministry\u2019s consultation paper, which is expected to be finalized in the next six months, will cover how to deal with cryptocurrency, related risks, and its treatment as an asset class, the publication conveyed, noting that it will form the basis for India\u2019s crypto policy.<\/p>\n<p>Indian Finance Minister Nirmala Sitharaman has said on several occasions that the government has not decided whether to regulate or ban crypto. However, in the meantime, crypto income will be taxed at 30% and a 1% tax deducted at source (TDS) will be levied on all crypto transactions.<\/p>\n<p>The IMF\u2019s mission chief for India, Nada Choueiri, told the publication that crypto assets posed significant risks, including to financial stability. Without commenting on India\u2019s crypto policy specifically, she opined:<\/p>\n<p>Crypto assets can also be misused for money laundering, terrorist financing, and other illegal activities. Unless effective regulatory measures are implemented, the crypto assets ecosystem could face serious consumer protection challenges such as fraud and cyberattacks.<\/p>\n<p>She added that the IMF is also consulting with other countries to establish an effective policy on crypto assets.<\/p>\n<p>IMF Deputy Managing Director Gita Gopinath recently said that a lot more work is needed on the regulatory front on crypto and digital money. She added, \u201cWe\u2019ve certainly seen an increase in the use of cryptocurrencies\u201d before the Russia-Ukraine war, emphasizing that \u201cit happen more in emerging markets than in others.\u201d<\/p>\n<p>Gopinath said in December: \u201cRegulation is absolutely important for this sector. If people are using this as an investment asset, then the rules which are there for other investment classes should apply here as well.\u201d<\/p>\n<p>Furthermore, Bloomberg reported Friday that India will frame legislation for cryptocurrencies only after a global consensus is reached on crypto assets.<\/p>\n<p><em><strong>What do you think about the Indian government consulting with international organizations on crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/indian-government-consulting-with-imf-world-bank-on-crypto-policy\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s government is consulting with the International Monetary Fund (IMF), the World Bank, and Indian regulators in order to form the country\u2019s crypto policy. \u201cWe have reached out to institutional stakeholders within the country and outside. We are taking inputs from the IMF and the World Bank and incorporating these,\u201d said an official from the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-3114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3114"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3114\/revisions"}],"predecessor-version":[{"id":3116,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3114\/revisions\/3116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3115"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}