Despite its global popularity, cryptocurrency has struggled to gain solid footing in India, with the central bank remaining sceptical even years after its inception. Many support the RBI’s cautious stance, arguing that cryptocurrency offers little value while posing significant risks. As virtual currencies operate without the need for regulation, their very nature presents substantial threats. As a result, the future of cryptocurrency in India remains uncertain.

However, the Indian government has shown some openness to dialogue. A panel led by the Secretary of the Department of Economic Affairs (DEA) recently issued a consultation paper seeking feedback from stakeholders on how to regulate crypto assets. This indicates that the government is taking an active interest in shaping the future of digital currencies in the country.

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Cryptocurrency Regulation

India’s G20 presidency marked a pivotal moment for cryptocurrency regulation. One of the most significant outcomes was a comprehensive discussion on a regulatory approach to crypto assets. G20 members, along with the IMF and FSB, jointly agreed on a Synthesis paper, setting the stage for a unified regulatory framework. The discussions outlined key elements of effective regulation while also identifying responsible entities for implementation.

Nevertheless, Finance Minister Nirmala Sitharaman recently noted that, despite global agreement on the need for regulation, each country will need to adopt its own legislative framework. This will require coordination within countries and across borders, demanding efforts at both the macro and micro levels. In September 2023, Economic Affairs Secretary Ajay Seth stated that the government would carefully consider the recommendations based on the consensus built and then decide on policies moving forward. Given the heightened risks associated with cryptocurrencies, especially for emerging economies, India must tailor its regulations to ensure stability.

As part of its regulatory efforts, India banned nine offshore crypto platforms, or Virtual Digital Asset (VDA) service providers, for violating the Prevention of Money Laundering Act (PMLA) of 2002. Even Binance, the world’s largest cryptocurrency exchange, faced scrutiny. However, in December 2023, Binance re-entered the Indian market after registering with the Financial Intelligence Unit.

India’s stance on cryptocurrency has been evolving. After introducing a ban in 2018 that prohibited Indian banks from facilitating cryptocurrency transactions, the Supreme Court overturned the decision in 2020. In the Union Budget 2022-23, a 30% tax on income from the transfer of digital assets was proposed, along with a 1% tax deduction at source (TDS) on such transactions to discourage crypto trading.

Globally, countries have adopted diverse approaches to cryptocurrency regulation. Some have imposed strict regulations, while others have opted for outright bans. India’s approach has been a mix of both.

Although India has historically taken a cautious stance toward virtual assets, it has been recognised that an outright ban is not an “easy option,” as the IMF-FSB paper pointed out. A ban could drive investors to more crypto-friendly regions, increasing financial integrity risks and potentially leading to India losing oversight of digital assets.

A more viable path forward is to regulate and supervise licensed or registered cryptocurrency issuers and service providers. This approach could help close information gaps and facilitate oversight of cross-border activities. The Cryptocurrency Bill of 2021, introduced in the Lok Sabha, was a significant step toward regulating India’s growing cryptocurrency market. The bill proposed guidelines for the Reserve Bank of India to create an official digital currency while seeking to ban all other private cryptocurrencies.

Despite the government’s efforts to limit digital assets, Chainalysis’ 2023 Global Crypto Adoption Index ranked India first among 154 nations for grassroots crypto adoption. This suggests that ordinary people in India are actively using cryptocurrencies in their daily lives, regardless of government concerns. Investors now await meaningful regulations that will address the growing interest in the sector while also protecting them from potential risks.

Cryptocurrency Prices Today, October 16: The broader market’s movement on Wednesday sparked mixed speculations globally. While Bitcoin (BTC) price topped the $67K level over the past day, top altcoins mainly illustrated a volatile movement. Besides, Litecoin (LTC) and Chiliz (CHZ) prices gained 4%-7%, emerging as the day’s top gainers.

Simultaneously, the global crypto market cap witnessed a 1.16% rise in value to $2.32 trillion. Further, the total market volume from yesterday soared 15% to $107.3 billion. Here’s a brief report on some of the top crypto by market cap and their price movements today, October 16.

Cryptocurrency Prices Today: BTC Gains While ETH, SOL, & XRP Turbulent

BTC price crossed the $67K mark, gaining considerably in the past 24 hours. But, ETH, SOL, and XRP prices traded in the red zone today. Simultaneously, LTC and CHZ lead the broader market’s gains. Intriguingly, the recent rising price actions, in light of the looming U.S. presidential elections set for November, have garnered noteworthy attention among market watchers globally.

Bitcoin Price Today

BTC price chart illustrated a nearly 3% gain in value and the coin is now trading at $67,125. Its intraday low and high were recorded as $64,809.20 and $67,881.68, respectively. Bitcoin’s market cap stood at $1.33 trillion today. This rising action falls in line with continued inflows in ETFs. Sosovalue data shows $371.02 million worth of inflows recorded in spot BTC ETFs as of October 15. Meanwhile, the flagship crypto’s market dominance stood at 57.42%, up 0.75% from yesterday.

Ethereum Price Today

Simultaneously, ETH price showcased a highly turbulent movement, with the coin dominantly in the red territory over the past day. ETH price rested at $2,617, down nearly 0.1% in the past 24 hours. The coin’s intraday low and high were $2,537.94 and $2,685.17, respectively. Ethereum’s market cap rested at $315.43 billion today. Sosovalue data indicated that spot Ethereum ETFs recorded $12.70 million in outflows, aligning with the coin’s turbulent movement.

Solana Price Today

The crypto SOL witnessed a nearly 1% drop in value today, reaching $154. The coin’s intraday low and high were $150.91 and $158.72, respectively. Solana’s market cap was recorded as $72.53 billion at press time. The coin falls despite Grayscale’s filing to convert SOL trust into an ETF. Meanwhile, the filing also includes converting AVAX and XRP trust into ETF.

XRP Price Today

XRP price followed with a tumbling movement, slipping roughly 1% from yesterday to reach $0.5432. The coin’s intraday low and high were recorded as $0.5327 and $0.5496, respectively. Crypto market enthusiasts speculate over the coin’s future movements as Ripple CLO spotlights the next steps in the XRP lawsuit.

Meme Coins Performance Today

Dogecoin (DOGE) price gained nearly 0.2% over the past day and is now trading at $0.1165. However, Shiba Inu (SHIB) price slipped nearly 1% from yesterday to $0.00001819. Even Pepe Coin (PEPE), dogwifhat (WIF), and Bonk prices waned by 3%-6%.

Top Cryptocurrency Gainer Prices Today

Litecoin

LTC price soared roughly 7% in the past 24 hours and is currently trading at $71.64. The coin’s intraday low and high were recorded as $65.56 and $72.85, respectively.

Chiliz

CHZ price gained nearly 4% over the past 24 hours and is resting at $0.08161. The coin’s intraday low and high were $0.07733 and $0.08305, respectively.

Beam

BEAM price gained roughly 4% over the past day and is trading at $0.01721. The coin’s intraday low and high were $0.01594 and $0.01785, respectively.

Top Cryptocurrency Loser Prices Today

SUI

SUI price tanked 10% over the past day and is now sitting at $2. The coin’s 24-hour low and high were $1.99 and $2.26, respectively.

Brett

BRETT price cracked 7% from yesterday to trade at $0.1046. The coin’s intraday low and high were $0.1037 and $0.1159, respectively.

First Neiro On Ethereum

NEIRO price tumbled 7% over the past day and is currently sitting at $0.001974. The coin’s intraday low and high were $0.001905 and $0.0023, respectively.

Besides, the hourly time frame charts continued to spark investors’ speculations over the cryptocurrency prices today, illustrating mixed trajectories. While BTC price waned by 0.03%, ETH gained by 0.08%, sparking discussions among traders and investors over future movements.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.