India Considering Stance on Crypto

A senior government official said on Sunday that India is reconsidering its position on cryptocurrencies, driven by changing attitudes towards this digital asset in other countries.

This reevaluation, which comes after President Donald Trump’s pro-crypto policy declarations, may further delay the release of the discussion paper on cryptocurrencies scheduled for September 2024.

Economic Affairs Secretary Ajay Seth stated in an interview that several other jurisdictions have altered their stance on cryptocurrencies, prompting India to revise its approach.

Seth acknowledged that these assets do not adhere to national borders, necessitating a careful review of India’s policies.

While he did not mention the US directly, Trump’s recent order to establish a working group dedicated to developing new regulations for cryptocurrencies and examining the possibility of creating a national digital currency demonstrates his intent to revamp US crypto regulations.