On Monday, economic affairs secretary Ajay Seth told the reporters that inflation in India should moderate in the upcoming months and the government is prepared with its consultation paper on cryptos. He added that there should be a global consensus reached on cryptos and the country would monitor the regulations enforced in other nations prior to deciding how it would regulate. A lot of consultation took place between external and domestic partakers.

Seth, on the economic side, said that despite the challenging environment, the country would remain the fastest-developing large economy worldwide.

This year, in the annual budget the government declared that it would tax profits made through crypto investment at 30% but the nation hasn’t still given the measure legal status. Also, a tax deduction will start in July as an outcome of a 1% tax deducted at source (TDS).