India’s approximately 39 million crypto users hold $2.1 billion in assets, while the central bank continues to urge banks to avoid exposure

Odaily Planet Daily News: India imposes a uniform 30% tax on gains from virtual digital assets, along with an additional 1% tax deducted at source on the transaction amount. Around 54 crypto service providers in the country have registered with the Financial Intelligence Unit, serving 39 million verified users who collectively hold approximately $2.1 billion in assets.



The Reserve Bank of India (RBI) has repeatedly stated to parliament its preference for a restrictive policy towards private cryptocurrencies and stablecoins, urging banks to avoid related exposure to protect financial stability. The long-promised crypto bill has yet to be finalized.



Meanwhile, Indian government agencies are utilizing permissioned blockchains in non-trading scenarios. AIIMS Delhi uses blockchain to manage teacher recruitment records, the Cotton Corporation of India tracks cotton bales via a blockchain-based identification system, and the aviation regulator DGCA is building a digital service platform linked to blockchain.