Indian Crypto Stance Is Now Under Review
According to Reuters, the Indian crypto stance is being reviewed as global regulations on digital assets continue to evolve.
| Key Takeaways: – The Indian crypto stance is being discussed in detail, initially set for release in September 2024, to align with evolving global regulations. – Despite strict taxes and oversight, crypto adoption in India remains strong. |
Economic Affairs Secretary Ajay Seth confirmed that the government is reviewing a discussion paper on cryptocurrency, originally scheduled for release in September 2024, to align with changing international policies.
The reassessment came as several countries, including the United States, introduced new crypto-friendly policies. U.S. President Donald Trump recently announced a cryptocurrency working group aimed at revising digital asset regulations and exploring a national cryptocurrency stockpile. Seth emphasized that because operating beyond borders, the Indian crypto stance cannot be unilateral.
Despite India’s strict regulatory framework—including a 30% capital gains tax and a 1% transaction levy—crypto adoption in the country remains significant. However, authorities continue to enforce compliance.
India has had a complex relationship with cryptocurrencies since 2013, when the Reserve Bank of India (RBI) issued its first warnings. A banking ban imposed in 2018 was overturned by the Supreme Court in 2020.
While the government supports blockchain and central bank digital currencies, private cryptocurrencies remain a contentious issue. The RBI maintains that digital currencies pose macroeconomic risks, while market regulators have suggested a multi-agency oversight framework.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
