India is reassessing its stance on cryptocurrencies when the world takes turn on digital currencies, and at a time when US President Donald Trump is making pro-crypto policy statements. Economic Affairs Secretary Ajay Seth said this development in response to questions from The Economic Times.The review would push the cryptos discussion paper that was previously scheduled for early September 2024. Citing the report of its top official, government officials reopened the policy as “the approach toward cryptocurrencies on a global stage has changed to its acceptance use, and that matters,” as revealed by the central bank.As Seth puts it, digital assets are borderless, and it can’t be one-sidedly flipped the Indian government’s stance on cryptocurrencies. He didn’t mention the United States directly either, where Trump just recently set up a cryptocurrency working group to move forward on newly proposed regulations on forming national cryptocurrency reserves.India has been very strict with the crypto regulatory climate with huge trading taxes and very severe stringent compliance in case of non-compliance. Recently, FIU issued show-cause notices to nine offshore cryptocurrency exchanges in December 2023 for violating local regulations. Binance-the world’s largest crypto exchange was fined Rs 188.2 million($2.25m) June 2024 for non-compliance.Crypto Investor views: India’s Change of Heart on Cryptocurrencies is Good BusinessI have followed developments closely and have a good grasp of close contacts in the unfolding of happenings in the land of cryptocurrencies concerning India. And news on such a reconsideration by the Government of India indeed sounds good; it does indeed bring cautious hope regarding its implementations.The environment has not been too kind to the existence of cryptocurrencies in India for quite some time now. The government is pretty stringent on non-compliance and charges rather steep trading taxes, which is a challenge in trying to enter this market as an investor like me. The tone of late seems to hint at the possibility that the government is finally waking up to some benefits of cryptocurrency.Comforting to all Indians, at least to the notion that the nation, too might be turning a blind eye on its past position in response to international trends involving cryptocurrencies-the suggestion of which has a connotation of a revised policy to harmonize with evolving policies on ripples in this changing nature of the concept itself of cryptocurrencies.I will see how this position change would lead to increased clarity and regulatory support in the crypto industry. Maybe a better regulatory environment would allow for higher investments, innovations, or adoptions of cryptocurrencies within India.They did it all in the disguise of macroeconomic risk and financial stability. That is why the Indian government takes such a stance on cryptocurrencies, and therefore, as an investor, I take responsibility for this and try to be a part of the efforts that make regulators rectify the issues.Therefore, it is positive on the side of the Indian government to revise its stand towards cryptocurrencies. For me, who invest in cryptocurrency, it would be nice to see this progress and see what happens about it in terms of the impact it will cause to the Indian cryptocurrency market.I am an investor in cryptocurrency, so extremely interested to learn what impact kinds of such an organization may portend to the horizon of crypt, how it approaches macro risk with an intention on trying to innovate new, growth-generating opportunities within the realm of crypt.Despite all the challenges that they face, the Indians have been investing in their cryptocurrencies. The market watch of the country has suggested that different regulators regulate trade in cryptocurrencies; hence, the nation is ready to embrace virtual private assets. This central bank insists that a private digital currency poses a risk at a macroeconomic level.It can be very well said that finally, the Indian govt. announcing its decision was really a big thing with the reason that the country is really gaining momentum in global economic forums. Currently, with being the president of G20, India is really at a very ideal position to mold global policies on crypto ².This would introduce many stakeholders and regulatory bodies to the review process of crypto for India, therefore complicated rather than straightforward. While the government would continue finding its way in this complex landscape, this would best be taken as an accompaniment by aligning the desired clarity of regulations with a passion for encouraging innovation and growth in the crypto domain.Critical Insights from Crypto Review of IndiaDelayed discussion paper: A review would delay the release of a discussion paper on cryptocurrencies which otherwise would have come out in this September 2024.India reviewing its stand on cryptocurrencies as global attitudes on digital assets changeMore regulatory certainty : A review would bring in more regulatory certainty to investors and cryptocurrency exchanges functioning in India.Global crypto policies: India, the current president of G20 would frame the global crypto policies along with its newest stand on cryptocurrency.India is going to make a great move by reassessing the position of the country about cryptocurrencyAll the cryptocurrencies investors, the Crypto exchange along with the regulatory body from different parts of the world are anxiously waiting to see the fresh stand of Indian government regarding crypto. 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By Anusmita Bhatta
Reported for True To Life News Media Pvt. Ltd.