Indian government officials: India revisits cryptocurrency stance due to global changes

According to Reuters, India is re examining its stance on cryptocurrency as attitudes towards this virtual asset have changed in other countries. A senior Indian government official told Reuters on Sunday that this review may further delay the release of the cryptocurrency discussion document originally scheduled for September 2024. Ajay Seth, the Secretary of State for Economic Affairs of India, stated in an interview that "more than one or two jurisdictions have changed their stance on the use, acceptance, and importance of cryptocurrencies. In this trend, we are re examining this discussion document." Seth also pointed out that due to the fact that such assets are "unrestricted by borders," India's stance cannot be one-sided. He did not specifically mention the United States, but US President Trump ordered the establishment of a cryptocurrency working group last week to propose new digital asset regulations and explore the creation of a national cryptocurrency reserve, fulfilling his promise to thoroughly reform US cryptocurrency policy. In recent years, despite India's strict regulatory stance and high transaction taxes on cryptocurrencies, Indians have continued to invest heavily in them.