According to Odaily Planet Daily, the 2024 Indian general election is not expected to immediately affect cryptocurrency policy, and its current restrictive rules are expected to continue during the upcoming parliamentary term, and the election results are expected to be announced on June 4. Industry analysts do not expect any changes in cryptocurrency policy after the next legislators are elected, which will lead to the continuation of rules that stifle the country's digital asset ecosystem in the short term.
India’s two main political parties, the BJP and the Nationalist Congress, did not mention cryptocurrency, blockchain, or Web3 in their election manifestos. The BJP’s manifesto said the party would educate senior citizens to avoid digital scams, take stringent action against those who threaten the country’s digital sovereignty, and develop “digital public infrastructure to eliminate information asymmetry in the agricultural sector.”
The Congress Party said it would give farmers the option to upload agricultural sales agreements on a "digital ledger" and "work to address digital/cybersecurity issues that could threaten India's digital financial infrastructure." During Modi's second term, cryptocurrency-related policies included high taxes, such as a 30% tax on profits from the sale of digital assets, no offsetting of losses, a 1% source tax deduction for each transaction, and a requirement for exchanges to register with India's anti-money laundering and terrorist financing regulator.