India plans to make its cryptocurrency policy available to the public by September.
According to Economic Affairs Secretary Ajay Seth, India would speak with key players and release its position on cryptocurrency policy by September.
A thorough procedure will be followed to establish the policy, starting with the preparation of a discussion paper outlining the main issues and gathering input from various stakeholders.
Rather than being regulated in great detail, the policy will be shaped by the consensus of the involved parties. A cooperative group including the Securities and Exchange Board of India (SEB) and the Reserve Bank of India (RBI) Currently, the Board of India (SEBI) is working on a policy. Before September, a discussion paper on this topic is intended to be published.
India has tightened its regulations on cryptocurrencies at the moment. To meet with international anti-money laundering (AML) and counter-terrorism funding requirements, crypto firms are required to register with the Financial Intelligence Unit (FIU-IND) and pay substantial fees.
Seth brought up the question of whether or not the regulatory scope should be expanded; this is a topic that the discussion paper will address.
In response to Seth’s September 2023 pledge to assess and decide India’s position on cryptocurrency while taking into consideration the positions of global leaders.
India’s commitment aligns with its role as the Group of 20 (G20) chair, which highlights the need of settling on international legislation pertaining to cryptocurrencies. It is expected that the discussion paper would cover several important topics, including broader regulatory purviews and the roles of various regulatory organisations.
To encourage the use of the Central Bank Digital Currency (CBDC), the digital rupee, in India’s underconnected areas, the Reserve Bank of India (RBI) stated in February of this year that it will be adding offline functions. During a review by the Monetary Policy Committee, Governor Shaktikanta Das launched the effort, emphasising the RBI’s dedication to facilitating the usage of digital money in these rural areas.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source : Optimisus