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The Indian crypto consultation document is ‘ready.'

Updated: Aug 28, 2022

By Yeshaswine Tamarakolanu

The Indian finance ministry issued a crypto regulatory framework update on May 30th, stating that the crypto consultation document is now "fairly ready" with a number of stakeholders, including the IMF, World Bank, Reserve Bank of India, and Securities and Exchange Board of India (SEBI) on board.

The necessity for a global agreement on virtual currencies was raised by Ajay Seth. The Indian government is studying the global paradigm on digital assets in order to establish a broad framework on which the world's economies can agree.

India will take into account restrictions imposed by other nations before adopting its own digital currency policies, according to the government. Finally, for the time being, cryptocurrency earnings in India are subject to a 30 percent tax rate, with a 1% tax deduction at source (TDS) set to begin in July.

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