After the US, Another Giant Economy May Be Giving Up Its Hostility to Cryptocurrency

India is reconsidering its stance on cryptocurrencies in light of changing global perspectives on digital assets, a senior government official said today. The review comes as many countries, including the United States, have signaled a more crypto-friendly approach. India’s reconsideration of its stance could further delay the release of a long-awaited discussion paper on cryptocurrencies, which was initially scheduled for release in September 2024. Economic Affairs Secretary Ajay Seth stated that the evolving global landscape requires a fresh look at India’s crypto policies. “More than one or two countries have changed their attitudes towards cryptocurrencies in terms of their use, acceptance and perceived importance. In line with this, we are taking another look at the discussion paper,” he said. Related News: Watch Out: 20 Altcoins Have Massive Token Unlocks in the New Week - Here is the Day by Day, Hour by Hour List Seth noted that digital assets cross national borders, making unilateral regulation less effective. While he did not explicitly mention the United States, India’s shift in scrutiny follows recent moves by former US President Donald Trump, who has been pushing for significant changes to American crypto policy. Last week, Trump ordered the creation of a cryptocurrency working group to draft new digital asset regulations and explore the development of a national cryptocurrency reserve. India’s cryptocurrency market has remained active despite strict regulations and high trading taxes. Last year, the Financial Intelligence Unit (FIU) shut down offshore cryptocurrency exchanges for failing to comply with local regulations. In December 2023, the FIU issued show-cause notices to nine foreign exchanges, including Binance. The world’s largest crypto exchange was later fined 188.2 million rupees ($2.25 million) in June 2024 after registering with the FIU in an attempt to regain access to the Indian market. *This is not investment advice. Continue Reading: After the US, Another Giant Economy May Be Giving Up Its Hostility to Cryptocurrency