India Mulling Crypto U-Turn

According to a Sunday report by Reuters, India is currently reconsidering its position on cryptocurrencies due to changing attitudes around the globe. 

Ajay Seth, who has been leading the Department of Economic Affairs (DEA) since 2021, has noted that several jurisdictions now view crypto differently when it comes to use cases and the level of acceptance. 

According to Seth, India’s stance has to align more closely with the global consensus. 

Last October, it was reported that India’s cryptocurrency-focused discussion paper was put on the back burner, and it is not clear when it is going to be released since there is no definitive timeline. The paper, which aims to introduce clear crypto rules, was supposed to be unveiled in September. 

Related

In November, local media outlets reported that India started re-considering a cryptocurrency ban due to some risks posed by the sector. The country’s authorities view a central bank digital currency (CBDC) as a more viable alternative. 

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