What’s at Stake for Crypto in India As the World’s Largest Democracy Is in the Midst of Its National Election?
India's 2024 general election is not expected to immediately impact crypto policy, with the current restrictive rules likely to continue. Prime Minister Modi is expected to win, and crypto is not a major election issue. Both major parties have not mentioned crypto in their manifestos. Modi's government has imposed stiff taxes and regulations on crypto, causing industry struggles. The opposition has not framed a comprehensive position on crypto policy. Regardless of the election outcome, India's Web3 policies are expected to remain largely unchanged in the near future. The best case scenario for a change in India’s crypto policy is around the end of 2024, due to the government's transition into governing after election results. The Modi government does not appear keen on a holistic policy framework for virtual digital assets, and other emerging technologies are higher priorities. The policymaking process for crypto is expected to pick up pace in the upcoming term, aligning with the global framework agreed by the G20 under India's leadership.
