A senior government official told Reuters on Sunday that India is reviewing its stance on cryptocurrencies due to the transfer of virtual assets in other countries.
The review comes after U.S. President Donald Trump’s crypto-friendly policy announcement, which could further delay the release of a discussion paper on cryptocurrencies released in September 2024.
“From the usage, acceptance, where they see the importance of cryptocurrency assets. In this step, we look at the discussion paper again, the jurisdictions in India have changed their position on cryptocurrencies. Minister of Economic Affairs Ajay Ajay Seth said in an interview.
Seth said that because such assets “do not believe in borders”, India’s position cannot be unilateral.
He did not mention the United States in particular, and Trump ordered the establishment of a cryptocurrency task force last week to propose new digital asset regulations and explore the creation of national cryptocurrency inventory and be good at the commitment to overhauling U.S. crypto policy.
In recent years, Indians have put money into cryptocurrencies despite the country’s regulatory stance and huge trade taxes.
The Financial Intelligence Unit of India (FIU) issued a show reason notice to nine offshore cryptocurrency exchanges in December 2023 to violate local rules.
Binance, the world’s largest crypto exchange, was fined 188.2 million rupees (USD 2.25 million or about 1.95 million rupees), a month after registration with FIU in June 2024 to restore operations in the country.
Last year, India’s market regulator recommended some regulators that regulate cryptocurrency trade, indicating that at least some authorities in the country are willing to allow private virtual assets.
This position is in stark contrast to the statements of the National Central Bank, which insists that private digital currencies represent macroeconomic risks.
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