The International Monetary Fund (IMF) recently flagged several risks over allowing the use of cryptocurrencies as legal tender. The fund is currently helping India draft a comprehensive crypto policy.
India is set to enforce a 30% capital gains tax on the space from April. But the country still lacks broader policies regulating the use of crypto assets. Indian financial officials are in talks with various entities, including the IMF and the World Bank, to draft policy on the space.
Crypto use in India has soared over the past year, with at least 10% of the population now engaging in trade. The country was ranked second on blockchain data firm Chainalysis’ 2021 global crypto adoption index.
IMF sees significant risk in crypto
In a statement to Indian publication Mint, the IMF mission chief for India, Nada Choueiri said that crypto assets posed significant risks to financial stability. Choueiri cited potential in the space for money laundering and terrorist financing, and that crypto s
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