Crypto community high on hopes as govt finalises consultation paper

economictimes.indiatimes.com:

According to Economic Affairs Secretary Ajay Seth, the government is taking inputs from various stakeholders, including the World Bank and International Monetary Fund (IMF). The government bureaucrat said that the consultation paper is almost ready and the government has gone deep into it. Seth remained tight-lipped over the timeline, but the sources suggest that it can be tabled in August this year.

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The crypto industry and players cheered the update from the central official and are hopeful of some positive news from the government. Many expect that the government will ensure steps to support the ecosystem. Aritra Sarkhel, Director, Public Policy at WazirX, said: «We hope that the paper represents a need for global cooperation between countries to formulate regulations on crypto and encompasses various tenets of the Web3 ecosystem that includes centralized exchanges and pure-play web3 product companies. However, its impact on the upcoming regulation in India is yet to be gauged, he added. »The entire ecosystem is evolving rapidly and there is a need for a multi-country consensus for the ecosystem to flourish while keeping in mind the interests of individual countries." However, the economic affairs secretary said that a law on cryptocurrencies may take some more time as India is waiting for an international framework on the same. The government was scheduled to table the Bill for regulations on private cryptocurrencies during the Winter Session of the Parliament in December 2021. However, it was not introduced back then. India's consultation paper on