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The revelation was made by Ajay Seth, Secretary of India’s Department of Economic Affairs, who was quoted by Forkast as saying, “We have reached out to IMF, and IMF is working on the paper with us, to bring in the aspects of the monetary policy, the macroeconomic aspects, and the policy approach to crypto assets.” Seth made the comments during an interview with the Press Trust of India.
The finance minister noted that the regulation of cryptocurrencies cannot be done by any one country, and instead “has to be a collective action because technology doesn't brook any borders.” Secretary Seth provided further clarity on the matter, saying, “The question of legality will come only if something is declared illegal. Crypto assets are not illegal in this country."