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.
Alex DovbnyaIn 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Denys Serhiichuk
Dan Burgin
Vladislav Sopov