India is re-evaluating its stance on cryptocurrency

ChainCatcher news, according to Reuters, India is re-evaluating its stance on cryptocurrencies due to changes in how other countries are treating this virtual asset. A senior Indian government official told Reuters on Sunday that this review may further delay the release of a discussion paper on cryptocurrencies originally scheduled for September 2024.

India's Economic Affairs Secretary Ajay Seth stated in an interview, "More than one or two jurisdictions have changed their positions on the use, acceptance, and significance of cryptocurrencies. In light of this trend, we are re-evaluating this discussion paper." Seth also noted that because these assets "are not bound by borders," India's stance cannot be unilateral.

He did not specifically mention the United States, but last week, U.S. President Trump ordered the establishment of a cryptocurrency task force to propose new digital asset regulations and explore the creation of a national cryptocurrency reserve, fulfilling his commitment to overhaul U.S. cryptocurrency policy. In recent years, despite India's strict regulatory stance and high trading taxes on cryptocurrencies, Indians have continued to invest heavily in them.