India, known for its tough stance on cryptocurrencies, is reportedly reconsidering its regulatory approach as more countries embrace digital assets.<\/p>\n\n\n\n
India\u2019s economic affairs secretary, Ajay Seth, recently signaled a possible shift in the country\u2019s crypto policy. Speaking to Reuters, Seth remarked that digital assets \u201cdon\u2019t believe in borders,\u201d suggesting that India may not want to fall behind as other nations adopt cryptocurrencies.<\/p>\n\n\n\n
This potential change comes despite the Indian government\u2019s history of strict crypto regulations. Currently, India imposes a 30% capital gains tax on all digital asset profits, treating both long-term investments and short-term trades equally. Additionally, a new tax of up to 70% on previously undisclosed crypto gains was introduced under India\u2019s Income Tax Act.<\/p>\n\n\n\n
The shift in India\u2019s regulatory approach aligns with predictions from pro-crypto analysts and Bitcoin advocates, who argue that once a few countries adopt cryptocurrencies, others will follow suit to stay competitive. This theory suggests that India might be feeling the pressure to reconsider its policies as global interest in digital assets grows.<\/p>\n\n\n\n
However, critics argue that India\u2019s existing tax policies are designed to stifle crypto adoption. Amit Kumar Gupta, a legal practitioner at the Supreme Court of India, described these taxes as \u201cdraconian,\u201d claiming they aim to discourage the development of permissionless blockchain technologies.<\/p>\n\n\n\n
Gupta further noted that the Indian government perceives cryptocurrencies as being \u201cworse than gambling,\u201d associating them with money laundering and terror financing. \u201cTheir stance is that we are not going to use or allow anyone to use cryptocurrency because this technology is only for money laundering and terror funding\u2014these kinds of activities,\u201d Gupta told<\/em>.<\/p>\n\n\n\n While India remains cautious about decentralized cryptocurrencies like Bitcoin, the government has shown enthusiasm for central bank digital currencies (CBDCs). Shaktikanta Das, the former governor of the Reserve Bank of India, praised the central bank\u2019s pilot program for a CBDC, reflecting the government\u2019s preference for a regulated digital currency framework.<\/p>\n\n\n\n As international adoption accelerates, it remains to be seen whether India will adjust its crypto policies or continue focusing on state-controlled digital currencies.<\/p>\n","protected":false},"excerpt":{"rendered":" India, known for its tough stance on cryptocurrencies, is reportedly reconsidering its regulatory approach as more countries embrace digital assets. Global Adoption Pressures India to Reevaluate Crypto Stance India\u2019s economic affairs secretary, Ajay Seth, recently signaled a possible shift in the country\u2019s crypto policy. Speaking to Reuters, Seth remarked that digital assets \u201cdon\u2019t believe in […]<\/p>\n","protected":false},"author":18,"featured_media":931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,43],"tags":[],"class_list":{"0":"post-13501","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-general-news"},"acf":[],"yoast_head":"\nIndia\u2019s Focus on Central Bank Digital Currency (CBDC)<\/h2>\n\n\n\n