India Reconsidering its Cryptocurrency Stance
The Indian government is currently considering changing its regulatory approach to cryptocurrencies, which could impact the adoption rate in the country.
Despite ranking highly on crypto adoption metrics in recent years, India’s economic affairs secretary, Ajay Seth, revealed in an interview with Reuters that the country is reviewing its stance on cryptocurrencies in light of changing opinions in other countries.
Seth also hinted at a potential delay in the release of a discussion paper that will outline India’s official regulatory stance, which was initially scheduled for September 2024, but has been postponed.
The tightening regulations in India have already affected the cryptocurrency industry, with Bybit announcing in January that it would temporarily halt services in the country due to recent actions by Indian regulators.
