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India ready with consultation paper on cryptocurrencies: Govt official

Ajay Seth said there needed to be a global consensus reached on cryptocurrencies and India would look at regulations enforced in other countries before deciding how it would regulate.

May 30, 2022 / 02:38 PM IST
An illuminated Bitcoin sign inside a BitBase cryptocurrency exchange in Barcelona, Spain, on Monday, May 16, 2022. The wipeout of algorithmic stablecoin TerraUSD and its sister token Luna knocked more than $270 billion off the crypto sector’s total trillion-dollar value in the most volatile week for Bitcoin trading in at least two years. Photographer: Angel Garcia/Bloomberg

An illuminated Bitcoin sign inside a BitBase cryptocurrency exchange in Barcelona, Spain, on Monday, May 16, 2022. The wipeout of algorithmic stablecoin TerraUSD and its sister token Luna knocked more than $270 billion off the crypto sector’s total trillion-dollar value in the most volatile week for Bitcoin trading in at least two years. Photographer: Angel Garcia/Bloomberg

Inflation in India should moderate in coming months and the government is ready with its consultation paper on cryptocurrencies, economic affairs secretary Ajay Seth told reporters on the sidelines of an event on Monday.

Seth said there needed to be a global consensus reached on cryptocurrencies and India would look at regulations enforced in other countries before deciding how it would regulate.

In the annual budget this year the government said it would tax gains made through cryptocurrency investments at 30% but the country has still not given the measure legal status.
Reuters
first published: May 30, 2022 02:38 pm
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