India to Finalize Crypto Consultation Paper With IMF, World Bank Input

India is expected to release a consultation paper on cryptocurrency regulation with input coming via the World Bank and the IMF


The Indian Parliament building in New Delhi; Source: Shutterstock


key takeaways

  • India’s Economic Affairs Secretary has said a consultation paper, with input from the IMF and World Bank, is expected to be finalized soon
  • While details of the paper were absent the secretary added his country would likely seek to strengthen India’s commitment to “some sort of a global regulations” on crypto

India’s Economic Affairs Secretary Ajay Seth said Monday a consultation paper on cryptocurrencies is in the final stages before being submitted to the federal government.

Speaking during the country’s “ICONIC Week” event hosted by the Ministry of Labour and Employment, Seth said the International Monetary Fund and the World Bank, along with domestic stakeholders, had provided input on the paper.

While exact details of the paper were not disclosed, Seth added his country would likely seek to strengthen India’s commitment to “some sort of a global regulations” on crypto, Times of India reported.

“Digital 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,” Seth said. “We need a global consensus on crypto regulation.”

India has a checkered history with crypto and digital assets, such as NFTs and decentralized finance protocols.

In December 2017, the RBI and the Ministry of Finance issued statements comparing crypto to Ponzi schemes. Four months later, the central bank issued a circular prohibiting commercial banks and lenders from dealing in crypto, as well as servicing entities doing business with digital assets.

The ban was eventually overturned by India’s Supreme Court in March 2020, which labeled the central bank’s circular “unconstitutional.” At the beginning of last year, India’s government said it would introduce a bill to create its digital rupee while at the same time banning “all private cryptocurrencies.”

The country finally moved to tax crypto profits by 30% in a play that was heavily criticized by market participants as being unfair and potentially damaging to its domestic digital asset industry.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


Plus, a layer-1 for intellectual property is launching and Farcaster users peaked


Crypto still hasn’t shaken one of its most garish primordial tails — funny stories about fraud


Plus, publicly traded crypto companies had a pretty eventful news week


Committee members directed more questions to Christy Goldsmith Romero, who could soon be leading one of the more troubled federal agencies


Flame’s new track — which he called “war music” for Web3 — debuted on the NFT collectible platform Drip this week


Buried inside Binance’s proof of reserves is proof of diamond hands among its users