The International Monetary Fund (IMF support)'s in developing crypto legislation that would be successful on a global level has been warmly received by India. 
 

The report has been confirmed by Ajay Seth, secretary of India's Department of Economic Affairs. India became the G20 group of nations' chairperson in December last year. 

Argentina, Australia, Brazil, Canada, and Russia are a few of the countries taking part in this preparation under the guidance of India.

One of India's top priorities during its one-year G20 leadership has been drafting comprehensive rules to regulate the cryptocurrency industry. Indian Finance Minister Nirmala Sitharaman informed the G20 group of her country's intentions on cryptocurrencies in December.
 

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The IMF is working on a draft document for prospective cryptocurrency rules. The IMF has already expressed opposition to the widespread usage of these risky crypto assets.
 

'In consultation with us (India), the IMF is working on a study focusing on elements of monetary policy and the approach to policy for crypto assets. 
 

The IMF is again developing the finalised paper that will serve as the basis for a 135-minute seminar on crypto assets on the policy response that will take place (at a G20 summit later this month). Seth was cited as saying in a Coindesk report.

Seth has emphasised that India's crypto industry is lawful despite the country's silence on the subject.
 

Even though it is legal to own and trade cryptocurrencies in India, some companies have been experimenting with taking them as payment. Unlike El Salvador, India does not treat any cryptocurrency as equal to its fiat money.
 

Indian business insiders recently expressed dissatisfaction at FM Sitharaman's steadfast silence on all matters relating to cryptocurrencies.

Representatives from cryptocurrency companies like WazirX and CoinSwitch told Gadgets 360 that although India's crypto tax regulations have only been in effect for a little over a year, the country is still taking its time to examine the lucrative trading and industrial trends in the industry.

The IMF's position on the virtual digital asset market is currently uncertain.