At the moment, India’s regulations surrounding cryptocurrencies are mostly focused on counterterrorism financing (CTF) and anti-money laundering (AML).

Ajay Seth, the Economic Affairs Secretary, said that India will publish a discussion paper by September detailing its policy position on cryptocurrencies. The purpose of this project is to get input from pertinent parties regarding the suggested legal framework for cryptocurrencies in the nation. The upcoming discussion paper will examine existing constraints and solicit feedback on the scope of bitcoin legislation in India.

In an interview with Moneycontrol, Seth mentioned that anti-money laundering (AML) and counter-terror financing (CTF) regulations currently govern cryptocurrencies in India. Should the scope of regulation be expanded beyond that point, as it cannot extend further? What position should the policy take? The discussion paper will contain all of that information.”

India expanded the scope of CTF and AML regulations to cover cryptoassets and intermediaries in March 2023. A more comprehensive strategy for cryptocurrencies is presently being developed by an inter-ministerial group that comprises the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI). An interministerial panel is now investigating a more comprehensive cryptocurrency policy. Before September, we hope to release the discussion paper,” Seth continued.

The choice to write a discussion paper came about as a result of the G20 member nations endorsing the principles during India’s leadership last year. The Financial Stability Board (FSB) and the International Monetary Fund (IMF) developed these guidelines, which recommended against a complete prohibition on cryptocurrency activities because they were deemed unfeasible.

Seth emphasised the significance of the G20’s established roadmap, which offers a structure for evaluating the risks and possible applications of cryptocurrencies. This approach is probably going to have an impact on how India’s discussion paper develops.

What Does the Paper Expect To Present?
The purpose of the paper is to introduce concerns to stakeholders and solicit their opinions in order to start a conversation. This strategy is consistent with a story by Reuters earlier this year, which stated that Sebi has proposed that many regulators supervise the trading of cryptocurrencies, indicating the willingness of certain authorities to allow private virtual assets. On the other hand, the RBI has voiced worries over the macroeconomic dangers that private digital currencies provide.

By obtaining feedback from different stakeholders, a balanced regulatory framework may be able to be created. India’s focus on cryptocurrencies is currently on AML and CTF regulations, but Edul Patel, CEO of Mudrex, told ABP Live that “a wider mandate is definitely needed to expand the scope to include consumer protection, market integrity, and innovation that can ensure responsible growth.” “The interministerial group’s decision to include RBI and SEBI indicates a cooperative effort that strikes a balance between innovation and risk mitigation. We eagerly await the September publication of the paper.”

Ashish Singhal, a co-founder of CoinSwitch, stated, “We look forward to reading the fine print and contributing to robust cryptoasset regulations focused on consumer protection and innovation in India.”

Significant progress has been made in India’s regulation of cryptocurrencies, notably the central bank’s 2018 ban on financial institutions working with cryptocurrency users or exchanges, which was later overturned by the Supreme Court in 2020. The government attempted to submit a bill in 2021 that would have prohibited private cryptocurrency use, but it was never passed.

Major cryptocurrency tokens saw negative trading on Wednesday as investors’ appetite for risk decreased due to dwindling hopes of an early interest rate drop from the US Federal Reserve. They were also looking to the minutes of the US central bank’s most recent meeting for guidance on future policy.

Ethereum was up 1.4% at $2,971, while Bitcoin was down 0.3% at $51,814. Over the previous day, the value of the world’s cryptocurrency market dropped by 0.21% to approximately $1.97 trillion.

Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer, and Shiba Inu dropped as much as 6% among other popular altcoins. Ethereum and Tron had a 2% increase.

Bitcoin saw a significant increase over the past day, hitting a new high of $53,000 for the year. But because of things like rising open interest and bad funding rates for bullish positions, it swiftly retraced to $50,750.

Throughout the upheaval, Ethereum showed endurance by rarely losing ground on its price and even breaking through the $3,000 mark.

“Ether has surged since the middle of January. This is mostly due to two factors. Firstly, Standard Chartered Bank anticipates that the SEC will allow spot Ethereum ETFs in May, which can be viewed as an outside confirmation from the traditional finance industry. This is the expectation of a spot ETF in the US. The development of the Ethereum network’s ‘Dencun upgrade’ is another important motivator.”

Currently, DeFi’s total volume is $6.73 billion, or 7.70% of the 24-hour volume of the entire cryptocurrency market. According to data available on CoinMarketCap, the total amount of stablecoins is currently $79.25 billion, or 90.62% of the 24-hour volume of the whole cryptocurrency market.

The largest cryptocurrency in the world, Bitcoin, had a decline in market capitalization to $1.015 trillion in the past day. Currently, 51.61% of the market is dominated by Bitcoin, according to CoinMarketCap. The volume of BTC increased by 44.8% to $31.55 billion in the past day.

After briefly falling to $50,700 in an attempt to breach the $53,000 barrier, Bitcoin quickly rose to $52,000. VanEck’s spot Bitcoin ETF, HODL, saw a 14X increase in trading volume in a single day and may be the cause of this price activity. Trading volume was $258 million.

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However, after the BlackRock Bitcoin ETF was taken off from the DTCC website and then resurfaced, the price of Bitcoin fell back to $34,000.

Tuesday saw Bitcoin reach $35,000 after roughly a year and a half. The biggest digital coin surged 20% in a week to its highest levels since May 2022, driven by hopes that the US Securities and Exchange Commission (US SEC), US stock market regulators, would approve direct investments in cryptocurrencies.

After a protracted crypto winter that began in late 2021 due to a number of failed cryptocurrency projects and a liquidity shortage in the global economy, the cryptocurrency market is still having difficulty recovering. For those who are passionate about the new-age asset class, there has been some positive news in the last week.

In the upcoming months, traders anticipated that an exchange-traded fund (ETF) would be approved by the Securities and Exchange Commission. Since a spot Bitcoin ETF would enable a larger range of investors to purchase exposure without engaging in direct trading, it is anticipated that this development would encourage larger flows into the cryptocurrency.

However, after the BlackRock Bitcoin ETF was taken off from the DTCC website and then resurfaced, the price of Bitcoin fell back to $34,000. The ETF symbol, IBTC, is sourced from the website of the Depository Trust & Clearing Corporation (DTCC).

The bullish sentiment in the cryptocurrency market drove up the value of other tokens, with Solana rising 30% in only one week and Ethereum, its biggest competitor, rising by almost 15% to over $1,800. In just one week, several altcoins including Chainlink, Mina, and Injective saw gains of 50–90%. The crypto market capitalization approached $1.3 trillion due to the general optimism in the digital token area.

According to Crypto Platform, cryptocurrency enthusiasts are getting enthusiastic about the prospect of Bitcoin (BTC) becoming widely used as a safe haven investment similar to gold in the near future.

BlackRock’s iShares Bitcoin trust got submitted and listed into the depository trust clearing corporation with the official ticker marked down as $IBTC, bringing the ETF one step closer to reality. This positive development regarding its spot ETF approval in the US has fuelled the rally.

The Depository Trust & Clearing Corporation (DTCC) website briefly removed BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC. After a few hours, the ticker was removed off the list, but not before it aroused rumours about Bitcoin ETF approvals.

Bitcoin has broken above the $31,500 mark and is now in a positive midterm zone. It is anticipated that the bullish sentiment will prevail over the adverse forces as long as the price stays above this mark. As a result, it is possible to observe further upward movement, maybe reaching the $36,000–$38,000 level.

Bitcoin is consolidating following its recent upward trend, with prices currently trading above their 50-day and 200-day exponential moving averages.

Notable is the fact that Bitcoin now controls 54% of the cryptocurrency market capitalization, a percentage not seen since April 2021. Given that the entire value of the cryptocurrency market has not yet reached a new high for the year, this suggests that there is probably a significant capital rotation to the top asset.