Indian government is finalizing its consultation paper on cryptocurrencies, which will set standards for crypto companies. As per a report by The Times of India, the government is consulting with the World Bank and the International Monetary Fund about the final version of the document.
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Economic Affairs Secretary Ajay Seth told reporters on Monday that the consultation paper is nearly ready:
"We have consulted not just the domestic institutional stakeholders, but also organizations like the World Bank and the IMF. So, we hope that we will soon be in a position to finalize our consultation paper."
Seth declined to elaborate when exactly the consultation paper could be released, but added that India has also initiated cooperation with other countries for global regulation.
The move comes after reports said India wants to increase the tax burden of the cryptocurrency market. According to sources close to the matter, the Goods and Services Tax Council's legal committee has already started weighing ways for the action. Once approved, the initiative will be submitted for consideration and approval.
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