India puts discussion paper on cryptocurrency policy stance on hold due to other priorities

BlockBeats news, October 9, according to CoinDesk reported that according to two people familiar with the matter, India has not yet released a discussion paper outlining its cryptocurrency policy stance because officials are focusing on other priorities. The document was originally expected to be released in September after consultations with stakeholders such as the central bank and market regulators. People familiar with the matter said that the intention to release still exists, but there is no timetable yet.

India is the world's fifth largest economy, but the country has not yet formulated comprehensive cryptocurrency legislation, and this discussion paper is expected to take a step in this direction. The country claims that cryptocurrencies are unregulated, but the country has imposed high taxes on the industry and requires cryptocurrency entities to register with the country's Financial Intelligence Unit (FIU-IND) to comply with anti-money laundering (AML) and terrorist financing standards set by global agencies such as the Financial Action Task Force (FATF).