India reviewing crypto position due to global changes, senior official says
The Hindu
India reconsiders cryptocurrency stance amid global shifts, delays discussion paper publication, following U.S. President Trump's crypto-friendly policies.
India is reviewing its stance on cryptocurrencies due to shifting attitudes towards the virtual asset in other countries, a senior government official told Reuters on Sunday (February 2, 2025).
The review, which follows crypto-friendly policy announcements by U.S. President Donald Trump, could further delay publication of a discussion paper on cryptocurrencies that was due for release in September 2024.
"More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of the usage, their acceptance, where do they see the importance of crypto assets. In that stride, we are having a look at the discussion paper once again," India's Economic Affairs Secretary Ajay Seth said in an interview.
Mr. Seth said that because such assets "don't believe in borders", India's stance cannot be unilateral.
He did not specifically mention the United States, where Mr. Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, making good on his promise to overhaul U.S. crypto policy.
Indians have poured money into cryptocurrencies in recent years despite the country's tough regulatory stance and steep trading taxes.
India's Financial Intelligence Unit (FIU) issued show-cause notices to nine offshore cryptocurrency exchanges in December 2023 for non-compliance with local rules.
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