According to a senior government official who spoke to Reuters on Sunday, India is reevaluating its position on cryptocurrencies because of changing perceptions of the virtual asset in other nations.
A discussion paper on cryptocurrencies scheduled for release in September 2024 may be further delayed by the review, which comes after U.S. President Donald Trump announced favourable policies.
About the use, acceptance, and perceived significance of cryptocurrency assets, several governments have altered their positions. In keeping with that, we are re-examining the discussion paper,” Ajay Seth, the secretary of economic affairs for India, stated in an interview.
According to Seth, India’s attitude cannot be unilateral because such assets “don’t believe in borders”. He did not mention the US, where Trump fulfilled his pledge to restructure US crypto policy last week by directing a working group on cryptocurrencies to develop new rules for digital assets and investigate the establishment of a national cryptocurrency reserve.
Despite the country’s strict regulations and high trade taxes, Indians have been investing heavily in cryptocurrencies in recent years. In December 2023, nine offshore cryptocurrency exchanges received show-cause notices from India’s Financial Intelligence Unit (FIU) for violating local regulations.
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