Impact of India’s 2024 General Election on Crypto Policy: What to Expect
India’s upcoming general election in 2024 is not expected to bring any immediate changes to the country’s crypto policy, with the current restrictive rules likely to continue through the next Parliamentary term. Despite being the world’s most populated country and the fastest growing major economy, crypto remains a non-issue in the election campaign.
Prime Minister Narendra Modi is seeking a third term in office, with pre-election surveys indicating a strong likelihood of his victory. The major opposition parties have formed a coalition to challenge him, but the focus of the election remains on socio-political issues rather than technological advancements like crypto.
Industry analysts believe that regardless of the election outcome, India’s crypto policies are unlikely to see any significant changes in the near future. The ruling BJP and the opposition INC have not mentioned cryptocurrencies in their manifestos, but their policies hint at a cautious approach towards digital assets.
During Modi’s second term, the government imposed stiff taxes and regulations on the crypto industry, leading to a significant impact on the ecosystem. While some entrepreneurs hope for a more collaborative approach from the government in the future, others believe that the industry needs to do more to highlight the benefits of crypto beyond just investment opportunities.
Overall, the future of India’s crypto policy remains uncertain, with experts suggesting that any potential changes are likely to come towards the end of 2024. The government’s focus on other emerging technologies and the global coordination of crypto policy under India’s leadership in the G20 indicate a dynamic future for the country’s digital asset ecosystem.
