India ready with consultation paper on cryptocurrencies - govt official

Illustration shows representation of cryptocurrency Bitcoin, Ethereum and Dash plunging into water
Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration

NEW DELHI, May 30 (Reuters) - Inflation in India should moderate in coming months and the government is ready with its consultation paper on cryptocurrencies, economic affairs secretary Ajay Seth told reporters on the sidelines of an event on Monday.

Seth said there needed to be a global consensus reached on cryptocurrencies and India would look at regulations enforced in other countries before deciding how it would regulate.

In the annual budget this year the government said it would tax gains made through cryptocurrency investments at 30% but the country has still not given the measure legal status.

Reporting by Aftab Ahmed; Editing by Bradley Perrett

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