Gairika Mitra
India aims to explain its policy stance on cryptocurrencies before September, a top government official has said.
The Indian government was expected to make changes to its highly unfriendly tax regime for crypto investors in its annual budget presented Tuesday. But the budget made no such mention, leaving investors frustrated.
The finance ministry will publish a “discussion paper” on crypto policy, outlining its stance on regulation and inviting comments on the same, Economic Affairs Secretary Ajay Seth said in an interview with Moneycontrol.com. He said cryptocurrencies in India are mostly regulated for anti-money laundering and electronic funds transfer.
India’s central bank, and markets regulator Securities and Exchange Board of India are likely to participate in the process.
Bharat Web Association, an apex body for Web3 technology companies in India, shared its excitement about the government’s plans for the discussion paper in an X post.
A clearer and more robust policy framework will offer safety to investors and help in the wider adoption of cryptocurrencies. Many young people in the country have already invested in crypto assets despite the policy uncertainty and high tax barriers.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
