{"id":3564,"date":"2022-04-22T03:49:43","date_gmt":"2022-04-22T03:49:43","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=3564"},"modified":"2022-04-22T03:49:44","modified_gmt":"2022-04-22T03:49:44","slug":"imf-official-regulating-crypto-assets-is-high-on-the-agenda-for-india","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3564","title":{"rendered":"IMF Official: Regulating Crypto Assets Is High on the Agenda for India"},"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>A director at the International Monetary Fund (IMF) says that crypto regulation is \u201ccertainly high on the agenda\u201d for India. \u201cWe are trying to come up with global standards for #crypto asset regulations. I think that\u2019s important for India to also adopt,\u201d said the IMF official.<br \/><\/strong><\/p>\n<h2>IMF on Crypto Regulation in India<\/h2>\n<p>Tobias Adrian, Financial Counselor and Director of the International Monetary Fund (IMF)\u2019s Monetary and Capital Markets Department, discussed India\u2019s crypto regulation in an interview with PTI Tuesday at the annual spring meeting of the IMF and the World Bank.<\/p>\n<p>Adrian said that for India:<\/p>\n<p>Regulating crypto assets is certainly high on the agenda.<\/p>\n<p>\u201cThat is something that is done globally,\u201d he stressed. \u201cWithin the Financial Stability Board, we are trying to come up with global standards for crypto asset regulations. I think that\u2019s important for India to also adopt.\u201d<\/p>\n<p>Officials of India\u2019s Ministry of Finance have reportedly been consulting with the IMF and the World Bank on crypto policies as the government works on how to treat crypto assets.<\/p>\n<p>The IMF director then commented on the taxation of crypto transactions in India. \u201cOf course, I know that India has changed the taxation of crypto assets and that\u2019s a welcome move.\u201d<\/p>\n<p>The Indian government started taxing cryptocurrency income at 30% without allowing loss offsets or deductions on April 1. Crypto trading volumes subsequently plunged across exchanges in the country. A further 1% tax deducted at source (TDS) will soon go into effect.<\/p>\n<p>The IMF is looking at India in \u201ca very positive fashion\u201d overall, Adrian noted. He was quoted as saying: \u201cI think there are many opportunities and growth (in India is coming back). There\u2019s a recovery. There\u2019s a lot of excitement around new growth opportunities, new developments \u2026 We always value that growth is inclusive, and is touching all of the people. But our general outlook in India is a fairly positive one.\u201d<\/p>\n<p>The IMF official also discussed central bank digital currency (CBDC). In India, the central bank, the Reserve Bank of India (RBI), is actively working on a digital rupee which Finance Minister Nirmala Sitharaman said will be introduced this financial year.<\/p>\n<p>\u201cThe digital rupee will be the digital form of our physical rupee and will be regulated by the RBI,\u201d Indian Prime Minister Narendra Modi previously explained. \u201cThe digital rupee will revolutionize the fintech sector,\u201d Modi noted. Earlier this month, RBI Deputy Governor T. Rabi Sankar said the central bank would go about launching a digital currency \u201cin a very calibrated, graduated manner, assessing impact all along the line.\u201d<\/p>\n<p>Commenting on India exploring a central bank digital currency, the IMF director stated:<\/p>\n<p>That could be quite important for financial inclusion and financial development, and we are watching very closely what India is doing. We welcome those policy developments as well.<\/p>\n<p><em><strong>What do you think about the IMF official\u2019s comments and the Indian government\u2019s approach to 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\/imf-official-regulating-crypto-assets-is-high-on-the-agenda-for-india\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A director at the International Monetary Fund (IMF) says that crypto regulation is \u201ccertainly high on the agenda\u201d for India. \u201cWe are trying to come up with global standards for #crypto asset regulations. I think that\u2019s important for India to also adopt,\u201d said the IMF official. IMF on Crypto Regulation in India Tobias Adrian, Financial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-3564","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\/3564","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=3564"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3564\/revisions"}],"predecessor-version":[{"id":3566,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3564\/revisions\/3566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3565"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}