India is considering revamping its stance on cryptocurrencies due to global changes in perception.
Changing Perception Towards Cryptocurrencies
Ajay Seth, who has been leading the Department of Economic Affairs since 2021, highlighted that several jurisdictions now perceive cryptocurrencies differently regarding their use cases and acceptance levels.
Expected Regulatory Changes
According to Seth, India's stance must align more closely with the global consensus. Last October, it was reported that India's cryptocurrency-focused discussion paper was placed on hold, with no clear timeline for its release. This paper was aimed at introducing clear rules for the cryptocurrency sector.
Alternative in CBDC
In November, local media reported that India began reconsidering a cryptocurrency ban due to some of the risks associated with the sector. The country's authorities view a central bank digital currency (CBDC) as a more viable alternative.
India is evaluating the global changes in cryptocurrency perception and reconsidering its own policy in light of these shifts.
