As India's 2024 elections unfold, many wonder how the country's stance on cryptocurrencies will be affected. However, indications suggest that India's crypto policies are unlikely to change despite the political excitement. Here are five key signs pointing to the continuity of India's current crypto regulations.

1. What Parties Prioritize:

The manifestos of major political parties like BJP and INC do not mention cryptocurrencies or blockchain technology, focusing instead on broader digitalization efforts. This indicates that crypto-related topics are not high on the agenda for voters or political parties, suggesting that crypto policy might not see immediate changes.

2. Steady Regulations:

Experts predict that India's strict crypto regulations will persist after the 2024 election. The current government's consistent tax and regulatory actions have limited the growth of the crypto industry, with recent measures like banning offshore exchanges not significantly altering the regulatory landscape.

3. Opposition's Silence:

The opposition parties, including INC, have not taken a clear stance on crypto regulation, primarily focusing on challenging the ruling party's dominance. This lack of opposition narrative on crypto suggests that major changes to the current regulatory framework are unlikely in the near future.

4. Government's Uncertainty:

Although Finance Minister Nirmala Sitharaman's recent comments on cryptocurrencies were unclear, they indicate a reluctance to change the current regulatory framework immediately. The government's cautious approach towards regulating cryptocurrencies suggests that significant changes post-election are improbable.

5. Global Influence and Digital Goals:

India's active role in shaping global cryptocurrency policies, as seen in its leadership of the Group of 20, reflects its desire for a cohesive regulatory structure. The upcoming digital rupee and India's involvement in global affairs signal a strategy aligning cryptocurrency regulations with economic goals and international standards.

Conclusion

Despite the attention on India's 2024 elections, it's unlikely that there will be significant changes to the country's crypto policy. The absence of clear mandates, along with a steady regulatory framework and global ambitions, suggests that India's cryptocurrency regulations are likely to remain unchanged post-election, as the country progresses through its digital transformation.