{"id":455481,"date":"2022-05-31T14:18:21","date_gmt":"2022-05-31T11:18:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/india-cooperates-with-imf-on-crypto-consultation-paper\/"},"modified":"2022-05-31T14:18:21","modified_gmt":"2022-05-31T11:18:21","slug":"india-cooperates-with-imf-on-crypto-consultation-paper","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/india-cooperates-with-imf-on-crypto-consultation-paper\/","title":{"rendered":"# India cooperates with IMF on crypto consultation paper"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2598e8d726d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2598e8d726d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/india-cooperates-with-imf-on-crypto-consultation-paper\/#%E2%80%9D_India_cooperates_with_IMF_on_crypto_consultation_paper_%E2%80%9C\" >&#8221; India cooperates with IMF on crypto consultation paper  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_India_cooperates_with_IMF_on_crypto_consultation_paper_%E2%80%9C\"><\/span>&#8221; India cooperates with IMF on crypto consultation paper  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNGFhNDZjZjctMDVjNi00MTQ0LWIyZTUtODkzZjFiMzEyNWFhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Department of Economic Affairs of India is finalizing a consultation paper on crypto currencies, which then will be handed over to the federal government. The implementation of the document could bring the country of 14 billion people closer to the international regulatory consensus on digital assets.\u00a0<\/p>\n<p>On Monday, May 30, during an event hosted by the Ministry of Labour and Employment, Economic Affairs Secretary Ajay Seth <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ndtv.in\/cryptocurrency\/government-prepares-consultation-paper-on-crypto-3022751\">revealed<\/a> that his department is finishing the work on the consultation paper, which would define the nation\u2019s stance on crypto. <\/p>\n<p>The document was crafted in cooperation with industry stakeholders, the International Monetary Fund (IMF) and the World Bank. Seth specified that the paper would strengthen India\u2019s commitment to \u201csome sort of global regulations\u201d:<\/p>\n<blockquote><p>\u201cDigital assets, whatever way we want to deal with those assets, there has to be a broad framework on which all economies have to be together.\u201d<\/p><\/blockquote>\n<p>Answering the question about the possible outright ban, the official acknowledged that any national-level prohibition wouldn\u2019t work in isolation: <\/p>\n<p>\u201cWhatever we do, even if we go to the extreme form, the countries that have chosen to prohibit, they can&#8217;t succeed unless there is a global consensus.\u201d<\/p>\n<p><strong><em>Related: Indian government&#8217;s \u2018blockchain not crypto\u2019 stance highlights lack of understanding<\/em><\/strong><\/p>\n<p>In recent years India has been demonstrating a rather militant posture when it comes to crypto. In 2017 the Reserve Bank of India (RBI) and the Ministry of Finance compared the digital currencies to Ponzi schemes and prohibited any operations with them for commercial banks and lenders. <\/p>\n<p>In 2022, long after the ban had been formally lifted, the RBI warned about the threat of \u201cdollarization\u201d that crypto poses, while in his recent virtual speech at the World Economic Forum in Davos, the prime minister Narendra Modi called cryptocurrency <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ndtv.com\/india-news\/cryptocurrency-challenges-need-similar-mindset-among-nations-pm-narendra-modi-2713721\">a global challenge<\/a>\u00a0that demands a \u201ccollective and synchronized action\u201d from all of the national and international bodies. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/india-cooperates-with-imf-on-crypto-consultation-paper\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; India cooperates with IMF on crypto consultation paper &#8220; The Department of Economic Affairs of India is finalizing a consultation paper on crypto currencies, which then will be handed over to the federal government. The implementation of the document could bring the country of 14 billion people closer to the international regulatory consensus on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":455482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNGFhNDZjZjctMDVjNi00MTQ0LWIyZTUtODkzZjFiMzEyNWFhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,77310,90774,78031,17318,70934],"class_list":["post-455481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-indian-crypto","tag-indian-government","tag-reserve-bank-of-india","tag-india","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/455481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=455481"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/455481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/455482"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=455481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=455481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=455481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}