Narendra Modi has astutely observed that his country India will suffer a lot in the future if his country obstructs the resolution of cryptocurrencies as per the global acceptance of cryptocurrencies across the world.
I find this to be very ironic, because India as a nation is already obstructing the growth of cryptocurrencies for Indians. India is a crypto-unfriendly nation, and for quite a long time their citizens who used crypto were uncertain of their fate because the country was proposing a ban on crypto. In 2018, they first of all banned banks from handling crypto transactions, that ban was lifted two years later, but little did Indians know that it was because the government wanted to "extort" money from Indians who use crypto.The tax rate on crypto gains in India is now as high as 30%, that is extremely high and discouraging for Indians who use cryptocurrencies, if the government of India wants to promote crypto (which i am sure they don't care about), they should start by reviewing their crypto tax laws, which is basically stealing from people at this point.
India is doing regulation by stealth, or baby steps towards regulation. So banning is clearly out of the question here, but we've got to wait and see what root India takes. They said they draft regulations that are suitable for Indian conditions. In India, there are 35 to 50 million crypto users. So we hope that the bull run will bring in a lot of prosperity for Indian exchanges, plus sensible regulation and taxation by the government, and that this industry will provide employment to millions of employees. It has huge potential world-wide, so everyone hopes all the countries in the G20 Summit will take India's initiative as a great start to making that potential an accessible reality for future generations.
