TechFlow news, on October 9, according to CoinDesk, India's planned discussion paper on cryptocurrency policy, originally set for release in September 2024, has now been shelved. According to two sources familiar with the matter, India's finance ministry is focusing its attention on other priorities, such as the upcoming World Bank annual meetings, multilateral and bilateral talks with other countries, and budget preparations during an election year. As the world's fifth-largest economy, India has yet to establish comprehensive cryptocurrency regulations. Although the country has imposed high taxes on the crypto industry and requires crypto entities to register with the Financial Intelligence Unit (FIU-IND), it still treats cryptocurrencies as non-legal assets. The sources noted that despite the $234 million hack suffered by Indian cryptocurrency exchange WazirX, authorities do not view crypto legislation as urgent as they did two years ago. The intention to release the discussion paper remains, but there is currently no specific timeline.
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