BlockBeats news, on October 9, CoinDesk reported that India has not released a discussion paper outlining its cryptocurrency policy stance because officials are focusing on other priorities, according to two people familiar with the matter. The document was initially expected to be released in September after consultations with stakeholders including central banks and market regulators. People familiar with the matter said the intention to launch still exists, but there is no timetable.
India, the world’s fifth-largest economy, has yet to enact comprehensive cryptocurrency legislation, and this discussion paper is expected to be a step in that direction. The country says cryptocurrencies are not regulated, but it has imposed high taxes on the industry and required crypto entities to register with the country’s Financial Intelligence Unit (FIU-IND) to comply with the Financial Action Task Force (FATF) Anti-Money Laundering (AML) and Terrorist Financing standards set by global bodies such as