India Soon to Decide its Stance on Crypto
India is planning its own rules for digital money (crypto). They'll decide after seeing what big countries in the G20 group suggest.
India will decide its rules on digital money (crypto) soon. This decision will come after seeing what big countries (G20) think about crypto, said Ajay Seth, from India's Finance Ministry.
He spoke to reporters at a big G20 meeting. Ajay Seth said, "India will decide in the coming months." He mentioned that they'll look at the G20's guidelines and then choose the best rules for India.
In the past, India had a growing crypto business. But it faced problems like high taxes and strict rules. People have been watching India's decisions on crypto closely. India even worked on global rules for crypto when it led the G20 meetings. They made a special report with help from big groups like the IMF and FSB.
From what Seth said, India might make its own laws for crypto. This is interesting because last year, India stopped a plan to make strict rules for crypto.
Some people voiced that India doesn't need its own strict crypto rules. India has already set some rules and taxes for crypto. Even if some want to ban crypto, the government hasn't said anything about doing that or made any efforts. A big report also said that banning crypto everywhere won't work.
Before the big G20 meeting, India shared its thoughts on crypto in an official paper. This paper talked about what India thinks about crypto before the final global rules were made.
