India’s stance on crypto has been under scrutiny for years as a nation which had a booming industry before the industry suffered a series of blows

India will evaluate and decide its own stance on crypto in the coming months after weighing global leaders’ position on an acceptable crypto rule framework, which were part of the Group of Twenty (G20) discussions, a senior official of India’s Finance Ministry said on Sunday.

Speaking to journalists on the sidelines of the G20 leaders’ summit, Ajay Seth, Secretary of the Department of Economic Affairs, said “India’s position will be decided in the coming months.” He added that since “the framework for assessing risk has been put together by the G20” we will evaluate “what globally the leaders have agreed to” and then decide on “what will be a sound policy for India.”

India’s stance on crypto has been under scrutiny for years as a nation which had a booming industry before the industry suffered a series of blows in the form of harsh taxes, a crypto winter, a “shadow ban,” anti-money laundering rules and enforcement actions against leading crypto exchanges. The scrutiny grew after India made framing global crypto rules a priority for its G20 presidency, a goal it achieved in the form of a “synthesis paper” from the IMF and Financial Stability Board (FSB).

Seth’s statements on Sunday suggest a shift towards the possibility that India may frame its own legislation, a first since India suspended plans for extensively legislating crypto through a bill in early last year.

While the FSB requires a review of the status of implementation of its proposals, by end-2025, India has already brought in anti-money laundering rules and a tax structure for crypto and that may be sufficient, an official told CoinDesk in August.