India to change Crypto stance amid global shift, India, cryptocurrency, global review, U.S. policy, crypto regulations, Economic Affairs Secretary

India’s Economic Affairs Secretary, Ajay Seth, revealed that the country is reviewing its stance on digital assets due to changing policies in other jurisdictions. This review comes in light of recent pro-crypto actions by US President Donald Trump, including the formation of a working group focused on digital assets. Seth emphasized that India’s approach cannot be unilateral since cryptocurrencies do not adhere to borders and their usage is increasingly viewed with greater importance by several countries.

The review, as reported by Reuters, could potentially delay the release of a long-awaited discussion paper on cryptocurrencies that was originally slated for release in September 2024. Seth noted that while India has maintained a tough stance on crypto assets, the government is keen to align its policy with global trends.

India’s regulatory framework for cryptocurrencies has been in flux. While the Financial Intelligence Unit (FIU) issued show-cause notices to several offshore crypto exchanges in late 2023, the market watchdog suggested earlier that multiple regulatory bodies should oversee crypto trade. This has led to speculation that some Indian authorities may be more open to allowing private virtual assets. In contrast, the central bank has maintained its concern over the macroeconomic risks posed by private cryptocurrencies.

With significant changes occurring in the global crypto landscape, especially in the US., India’s government is under pressure to rethink its approach to digital currencies.