India on Sunday (September 10) said New Delhi will frame its own cryptocurrency regulations through a process of extensive discussions at both the global level and with domestic stakeholders.
Speaking to CNBC-TV18’s Sapna Das, Ajay Seth, economic affairs secretary, said, “Based on the consensus which we have been able to achieve or rather build, we will be considering those recommendations very carefully and decide our own policies and thereafter take further action.”
Talking about RBI’s proposed ban on cryptocurrency, he said, “You are asking a leading question…it is not to be seen in that binary…it’s a framework for assessing the risk that has been put together, what will be the sound policies, so keeping that framework in mind now we will analyse our own position with reference to what globally the leaders have agreed that they will travel it together. So given those what should be our position will be decided in the coming months.”
Seth highlighted the substantial progress made within the G20 membership, particularly by organisations such as the International Monetary Fund (IMF), Financial Stability Board (FSB), Financial Action Task Force (FATF), and the Bank for International Settlements (BIS).
These organisations have collectively established a clear and comprehensive understanding of a policy framework for assessing risk related to cryptocurrencies.
