A senior government official told Reuters on Sunday that India is reviewing its stance on cryptocurrency due to transferring virtual assets to other countries.
Reviews following the crypto-friendly policy announcements by US President Donald Trump may delay the publication of a discussion letter on cryptocurrency, which was due to release in September 2024.
“One or more courts have changed their stance towards cryptocurrency in terms of use, their acceptance, where do they see the importance of crypto assets. In that structure, we are once again taking a look at the discussion letter once again , “India Economic Affairs Secretary Ajay Seth said in an interview.
Seth said that because such property “does not believe in borders”, India’s stance cannot be unilateral.
He did not particularly mention the United States, where Trump ordered the creation of a cryptocurrency working group last week, proposing new digital asset rules and searching for the search for the construction of a national cryptocurrency stockpile Was doing it, which made it nice to overhala the US crypto policy.
Indians have invested money in cryptocurrency in recent years despite the country’s difficult regulatory stance and steep trading taxes.
India’s Financial Intelligence Unit (FIU) issued a show-cause notice to nine offshore cryptocurrency exchanges for compliance with local rules in December 2023.
The world’s largest Crypto Exchange, Benns, June 2024 was hit with a fine of Rs 188.2 million ($ 2.25 million or about Rs 19.5 crore), a month later it attempts to resume operation in the country. Was registered with
Last year, India’s market watchdog recommended that many regulators oversee trade in cryptocurrency, in indication that at least some officials of the country are open to allow the use of private virtual assets.
The situation was contrary to the statements of the country’s central bank, which has ensured that private digital currencies represent a comprehensive economic risk.
© Thomson Reuters 2025
