India is close to finalising a consultation paper on cryptocurrency after consulting with the World Bank; and the International Monetary Fund (IMF).

Ajay Seth, the secretary of the Indian Finance Ministry’s Department of Economic Affairs; stated that their consultation paper on cryptocurrency is complete and that they arrived at this conclusion after extensive consultation with international organisations such as the IMF and the World Bank, as well as domestic and institutional stakeholders. Though it is unclear whether crypto will be authorised in the country as a result of these papers. The legislature will make that decision.