India is unlikely to make any crypto related tax cuts, multiple sources said.
Indian Prime Minister Narendra Modi has stated that crypto regulation cannot succeed without global coordination.
This view was echoed by Sitharaman when India assumed the G20 presidency, where she said determining how to regulate crypto will be one of India’s priorities.
“How can India propose changes or new rules when it has publicly stated the need for global coordination that it’s discussing at ongoing G-20 meetings which will only end in September,” said a source familiar with India’s G-20 work.
India has kept a crypto bill in cold storage since early last year.
Digital Rupee
It’s unclear whether India will mention its ongoing work around its central bank digital currency (CBDC), the retail version of which it expects to roll out fully by December.
