Indian Union Minister Jayant Chaudhary disclosed a 19% rise in his virtual digital asset holdings to about $25,500 (₹21.31 lakh), while his spouse’s portfolio grew roughly 18% to $26,800 (₹22.42 lakh). The declarations mark the second consecutive year a cabinet member has reported crypto assets even as national policy on digital assets remains unresolved.
The contrast is stark: India recently topped the Chainalysis Global Crypto Adoption Index 2025, yet lawmakers and regulators are still debating the shape of any legal framework. A Mudrex survey of more than 9,000 Indians found 93% support clearer regulation, and 84% said the current tax treatment is unfair compared with equities.
At the center of the deadlock is the Reserve Bank of India (RBI). An internal government document cited by Reuters says the RBI fears formal regulation could lend crypto “legitimacy” and make the sector systemic, while widespread stablecoin use might fragment national payment systems and weaken the Unified Payments Interface (UPI).
Industry voices warn the policy vacuum carries economic costs. Mudrex CEO Edul Patel and Polygon Labs’ Aishwary Gupta argue that treating digital assets like other asset classes would curb capital flight and unlock benefits such as faster cross-border payments; Gupta previously estimated potential savings near $68 billion a year with stablecoin integration. Meanwhile, Mudrex’s survey shows 66% of respondents see the 30% flat tax on crypto gains as their top deterrent; a further 1% TDS applies on transactions.
For investors and firms, the immediate risks are clear: policy uncertainty discourages institutional participation, pushes talent abroad, and leaves banks unwilling to adopt stablecoin rails without an RBI stance. Observers call for smart regulation, tax clarity, and institutional trust to bridge Web2 payments and Web3 innovation.
What to watch next: any moves to clarify taxation, the RBI’s public position on stablecoins, and draft legislation that balances consumer protection with market development.
Source: Decrypt. Read the original coverage for full details.