India can change crypto policy due to international adoption: report

The Indian government, which has historically opposed the crypto, examines its regulatory policy in response to adoption by other nation states.

According to Reuters, the Indian Economic Affairs Secretary Ajay Seth said that digital assets “do not believe in borders” – noting that India did not want to end up in the digital asset revolution.

The news of a potential change in policy occurred in the midst of a new tax up to 70% on crypto gains previously not disclosed within the framework of India law on income tax .

The changing position of the government reflects the theory of high-level games posed by pro-Crypto analysts and Bitcoin maximalists that the adoption of the nation state by one or two countries would trigger a race between world powers to accumulate digital currencies.

Government, Bitcoin Regulation, India, Reserve Bank of India

President Trump signs an executive decree commanding the working group on digital asset markets and a potential crypto stock. Source: The White House

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India pushes punitive taxes and digital currencies of the central bank

The Government of India is currently taking a tax on capital gains of 30% on digital assets, without distinction between the gains made from long -term investment or short -term negotiations.

Amit Kumar Gupta, legal practitioner at the Supreme Court of India, qualified the taxes of draconians and an attempt to disinclise the development of blockchain technology without authorization.

Gupta added that the Indian government considers cryptocurrencies as “worse than the game” and said to Cintelegraph:

“Their position is that we are not going to use or allow anyone to use cryptocurrency because this technology is only for money laundering and terrorism financing – this type of activity.”

Shaktikanta Das, the former governor of the Reserve Bank of India, congratulated the deployment of the central bank of a Central Bank Digital Currency Program (CBDC).

Government, Bitcoin Regulation, India, Reserve Bank of India

Amit Kumar Gupta addressing an audience of the workshop of financial systems between peers 2024. Source: Cointelegraph

DAS called CBDC “the future of money” and said that the country was moving towards an economy focused on CBDC in a farewell speech in December 2024.

Shortly before DAS left, the Reserve Bank of India (RBI) announced its intention to extend its cross-border payment platform in November 2024 by looking for additional trade partners.

The bank explores CBDC as the main settlement mechanism between countries using the cross-border payment platform, which will probably take the form of a wholesale CBDC.

Review: India is thinking about the new crypto ban to support CBDC, the Lazarus group strikes again: Asia Express