Indian authorities will report their position on cryptocurrencies to FATF in 2023

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The Government of India is taking its position on cryptocurrencies to report to the Financial Action Task Force (FATF) next year.

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The FATF peer review system includes detailed reports from countries through which experts analyze the implementation and effectiveness of measures to combat money laundering and terrorist financing.

The Ministry of Economy of the country said that a consultation paper on cryptocurrencies is under preparation:

“One of the main questions we have to answer is about the legality of digital currencies, since we have already started taxing them. We will finalize our response by February or March 2023. We must submit a report to the FATF by May.”

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Also in October, the report of the Financial Stability Board (FSB) will be presented, which will help the Indian government to form its position: ban cryptocurrencies or provide a legal basis for them.

Previously, a group of blockchain specialists from India stated that they intend to work with the country’s authorities to make the country a blockchain and Web3 hub.

Source: Bits

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