India has yet to publish its discussion paper on cryptocurrency policy. The country's focus is on other issues. Let's explore why India’s crypto policy is delayed and not prioritized.

Delays and Priorities

According to insiders, India was expected to release a discussion paper on crypto to guide future regulation. However, this has not happened yet. The government's focus is on more pressing issues, putting crypto policy on the back burner.

Competing Priorities in India

The main reason for the delay is the sheer number of priorities the government is handling. India is preparing for the 2024 annual meetings of the IMF and World Bank, the impacts of the Russia-Ukraine war, Middle East conflicts, election season, and budget planning.

Crypto Not an Immediate Threat

Despite the recent hack on Indian exchange WazirX, authorities do not see crypto regulation as critical as two years ago. The sector remains unregulated, but there are heavy taxes and a requirement for registration to meet global anti-money laundering standards.

India might release its cryptocurrency policy paper eventually, but the timeline remains unclear. The government is currently focused on significant international and domestic issues.