In India, crypto-assets are not recognized as legal tender even though the government is yet to frame a specific legislation for crypto assets, they added, requesting anonymity. Currently, cryptocurrencies are unregulated in India, and the government is in the process of bringing out a discussion paper on this subject with options ranging from regulation to a complete ban, the two said.
"With RBI's digital currency (e₹) in circulation, the argument that technology of cryptocurrencies must not be outrightly discarded is no longer valid. The G20 synthesis paper of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) is the latest global guide on this matter; it suggests a minimum threshold for regulation and doesn't stop any country from adopting higher restrictions, including a complete ban," one official said.
This story is from the December 18, 2024 edition of Hindustan Times Noida.
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This story is from the December 18, 2024 edition of Hindustan Times Noida.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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