Indian government official: India is reviewing its stance on cryptocurrencies due to global changes

PANews reported on February 4 that India is reviewing its stance on cryptocurrencies due to changes in other countries' attitudes towards the virtual asset. A senior Indian government official told Reuters on Sunday that the review could further delay the publication of a discussion paper on cryptocurrencies originally scheduled for September 2024.

Indian Economic Affairs Secretary Ajay Seth said in an interview: "More than one or two jurisdictions have changed their stance on the use, acceptance and importance of cryptocurrencies. In this trend, we are reviewing this discussion paper." Seth also pointed out that since such assets are "not restricted by national borders", India's position cannot be unilateral.

He did not specifically mention the United States, but U.S. President Trump ordered the establishment of a cryptocurrency task force last week to propose new digital asset regulations and explore the creation of a national cryptocurrency reserve, fulfilling his promise to overhaul U.S. cryptocurrency policy. In recent years, despite India's strict regulatory stance on cryptocurrencies and high transaction taxes, Indians have invested heavily in cryptocurrencies.