Now, let's look at WION's monthly global markets and economic health check to see what happened in February. Broadly, commodities, digital assets, and the dollar fell, driven by differing bets, with US President Donald Trump driving tariff headlines almost every other day.

Commodities, digital assets and dollar decline amid tariff uncertainty

India is reconsidering its position on cryptocurrencies, said a report by Reuters quoting a senior government official.
The review comes amid policy adjustments in nations like the United States, where former President Donald Trump recently announced initiatives to regulate and incorporate digital assets.
India&rsquo;s Economic Affairs Secretary Ajay Seth said that evolving global perspectives on cryptocurrency usage and its role in financial systems have pushed the government to revisit its approach to the digital assets.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/16-years-of-bitcoin-why-the-battle-for-mining-just-got-harder-8589668">16 years of Bitcoin: Why the battle for mining just got harder</a>
"More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of usage, acceptance, and importance. In that stride, we are having a look at the discussion paper once again," Seth added.
As a result, India&rsquo;s long-awaited discussion paper on cryptocurrency, initially expected in September 2024 may face further delays. The document is supposed to outline regulatory measures for the digital assets.
&nbsp;
Seth also said that given the cross-border nature of cryptocurrencies, India&rsquo;s approach cannot be unilateral. While he did not specifically refer to the US, Trump&rsquo;s recent executive order establishing a working group on cryptocurrency regulations and a national digital asset stockpile has drawn attention.
Despite India's strict regulations and high tax rates on cryptocurrency transactions, digital assets have gained popularity among investors in the country.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/is-bitcoin-going-to-crash-technical-analyst-predicts-upto-22-downside-in-q1-2025-8590466">Is Bitcoin going to crash? Technical analyst predicts upto 22% downside in Q1, 2025</a>
The Financial Intelligence Unit (FIU) has been actively monitoring offshore exchanges for compliance with local laws. In December 2023, the FIU issued show-cause notices to nine offshore exchanges, citing regulatory violations. Binance, the world&rsquo;s largest cryptocurrency exchange, was fined Rs 188.2 million ($2.25 million) in June 2024, a month after registering with the FIU to resume operations in India.
India&rsquo;s regulatory landscape on cryptocurrency remains divided. In 2023, the Securities and Exchange Board of India (SEBI) suggested a multi-regulator framework to oversee crypto transactions. However, the Reserve Bank of India (RBI) continues to caution against private digital currencies due to macroeconomic risks.&nbsp;

India’s Economic Affairs Secretary Ajay Seth said that evolving global perspectives on cryptocurrency usage and its role in financial systems have pushed the government to revisit its approach to the digital assets. 

India is reconsidering its position on cryptocurrencies, said a report by Reuters quoting a senior government official. The review comes amid policy adjustments in nations like the United States, where former President Donald Trump recently announced initiatives to regulate and incorporate digital assets. India’s Economic Affairs Secretary Ajay Seth said that evolving global perspectives on cryptocurrency usage and its role in financial systems have pushed the government to revisit its approach to the digital assets. Also read: 16 years of Bitcoin: Why the battle for mining just got harder "More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of usage, acceptance, and importance. In that stride, we are having a look at the discussion paper once again," Seth added. As a result, India’s long-awaited discussion paper on cryptocurrency, initially expected in September 2024 may face further delays. The document is supposed to outline regulatory measures for the digital assets. Seth also said that given the cross-border nature of cryptocurrencies, India’s approach cannot be unilateral. While he did not specifically refer to the US, Trump’s recent executive order establishing a working group on cryptocurrency regulations and a national digital asset stockpile has drawn attention. Despite India's strict regulations and high tax rates on cryptocurrency transactions, digital assets have gained popularity among investors in the country. Also read: Is Bitcoin going to crash? Technical analyst predicts upto 22% downside in Q1, 2025 The Financial Intelligence Unit (FIU) has been actively monitoring offshore exchanges for compliance with local laws. In December 2023, the FIU issued show-cause notices to nine offshore exchanges, citing regulatory violations. Binance, the world’s largest cryptocurrency exchange, was fined Rs 188.2 million ($2.25 million) in June 2024, a month after registering with the FIU to resume operations in India. India’s regulatory landscape on cryptocurrency remains divided. In 2023, the Securities and Exchange Board of India (SEBI) suggested a multi-regulator framework to oversee crypto transactions. However, the Reserve Bank of India (RBI) continues to caution against private digital currencies due to macroeconomic risks.

India to reconsider crypto policy following global regulatory shifts: Report

The Securities and Exchange Board of India (SEBI), India's market watchdog, has proposed that multiple agencies regulate cryptocurrency transactions, the clearest indication yet that some authorities in the country are willing to consider private virtual assets. This differs from the Reserve Bank of India (RBI), which continues to see private digital currencies as a macroeconomic threat, according to documents examined by Reuters.

The records, provided to a government group charged with developing policy for the finance ministry, indicate SEBI's previously undisclosed viewpoint. This contrasts with India's previously strict stance on cryptocurrencies, which began in 2018 with the RBI prohibiting lenders and financial intermediaries from engaging with crypto firms. The restriction was overturned by the Supreme Court in 2020. The administration proposed a bill to ban private cryptocurrencies in 2021, but it has yet to be introduced. India proposed a worldwide regulatory framework for such assets last year while holding the G20 presidency.

The RBI is firmly opposed to stablecoins, citing macroeconomic dangers. A source acquainted with the panel's talks, who asked to remain anonymous, stated that the panel plans to complete its findings by June. Stablecoins are cryptocurrencies that have a stable value because they are pegged to fiat currencies, minimising volatility.

In contrast, SEBI's recommendations propose that multiple regulators control bitcoin operations within their respective sectors, rather than establishing a single unified digital asset regulator. SEBI recommended that it monitor cryptocurrencies that are regarded securities as well as handle Initial Coin Offerings (ICOs). SEBI may also grant licenses for stock market-related cryptocurrency products, comparable to the role of the Securities and Exchange Commission in the United States.

SEBI suggested that the RBI regulate cryptocurrency assets backed by fiat currencies. The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) would oversee virtual assets relating to insurance and pensions, respectively. SEBI proposed that investor issues be addressed through India's Consumer Protection Act.

The RBI's proposal highlighted fiscal policy risks, claiming that cryptocurrencies could promote tax evasion and that decentralised peer-to-peer transactions rely on voluntary compliance, posing a threat to fiscal stability. The central bank also cautioned about a probable loss of "seigniorage" income, which is the profit from currency production.

According to a PwC analysis in December, 31 nations have policies in place that allow for bitcoin trading. Following the Supreme Court's reversal of the RBI's 2018 order, the central bank increased compliance with rigorous anti-money laundering and foreign exchange regulations, thereby keeping cryptocurrencies out of India's formal financial system. Despite these measures, the crypto trade thrived. In 2022, the government put a levy on cryptocurrency transactions and required local registration for exchanges that facilitate cryptocurrency trades in India.

(With inputs from Reuters)

The Securities and Exchange Board of India (SEBI), India's market watchdog, has proposed that multiple agencies regulate cryptocurrency transactions, the clearest indication yet that some authorities in the country are willing to consider private virtual assets.

The Securities and Exchange Board of India (SEBI), India's market watchdog, has proposed that multiple agencies regulate cryptocurrency transactions, the clearest indication yet that some authorities in the country are willing to consider private virtual assets. This differs from the Reserve Bank of India (RBI), which continues to see private digital currencies as a macroeconomic threat, according to documents examined by Reuters. The records, provided to a government group charged with developing policy for the finance ministry, indicate SEBI's previously undisclosed viewpoint. This contrasts with India's previously strict stance on cryptocurrencies, which began in 2018 with the RBI prohibiting lenders and financial intermediaries from engaging with crypto firms. The restriction was overturned by the Supreme Court in 2020. The administration proposed a bill to ban private cryptocurrencies in 2021, but it has yet to be introduced. India proposed a worldwide regulatory framework for such assets last year while holding the G20 presidency. The RBI is firmly opposed to stablecoins, citing macroeconomic dangers. A source acquainted with the panel's talks, who asked to remain anonymous, stated that the panel plans to complete its findings by June. Stablecoins are cryptocurrencies that have a stable value because they are pegged to fiat currencies, minimising volatility. In contrast, SEBI's recommendations propose that multiple regulators control bitcoin operations within their respective sectors, rather than establishing a single unified digital asset regulator. SEBI recommended that it monitor cryptocurrencies that are regarded securities as well as handle Initial Coin Offerings (ICOs). SEBI may also grant licenses for stock market-related cryptocurrency products, comparable to the role of the Securities and Exchange Commission in the United States. SEBI suggested that the RBI regulate cryptocurrency assets backed by fiat currencies. The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA) would oversee virtual assets relating to insurance and pensions, respectively. SEBI proposed that investor issues be addressed through India's Consumer Protection Act. The RBI's proposal highlighted fiscal policy risks, claiming that cryptocurrencies could promote tax evasion and that decentralised peer-to-peer transactions rely on voluntary compliance, posing a threat to fiscal stability. The central bank also cautioned about a probable loss of "seigniorage" income, which is the profit from currency production. According to a PwC analysis in December, 31 nations have policies in place that allow for bitcoin trading. Following the Supreme Court's reversal of the RBI's 2018 order, the central bank increased compliance with rigorous anti-money laundering and foreign exchange regulations, thereby keeping cryptocurrencies out of India's formal financial system. Despite these measures, the crypto trade thrived. In 2022, the government put a levy on cryptocurrency transactions and required local registration for exchanges that facilitate cryptocurrency trades in India. (With inputs from Reuters)

India's SEBI recommends multi-regulator approach for cryptocurrencies amid RBI opposition

Japan-based virtual currency exchange Coincheck said Sunday it will refund about $400 million to customers after hackers stole hundreds of millions of dollars&#39; worth of digital assets.

The company said it will use its own funds to reimburse about 46.3 billion yen to all 260,000 customers who lost their holdings of NEM, the 10th biggest cryptocurrency by market capitalisation.

On Friday, the company detected an &quot;unauthorised access&quot; of the exchange, and later suspended trading for all cryptocurrencies apart from bitcoin.

The resulting 58 billion yen ($530 million) loss exceeded the value of bitcoins which disappeared from MtGox in 2014.

The major Tokyo-based bitcoin exchange collapsed after admitting that 850,000 coins -- worth around $480 million at the time -- had disappeared from its vaults.

The high-profile demise of MtGox failed to douse the enthusiasm for virtual currencies in Japan, which in April became the first country in the world to proclaim it as legal tender.

Nearly one third of global bitcoin transactions in December were denominated in yen, according to specialist website jpbitcoin.com.

As many as 10,000 businesses in Japan are thought to accept bitcoin and bitFlyer, the country&#39;s main bitcoin exchange, saw its user base pass the one-million mark in November.

Many Japanese, especially younger investors, have been seduced by the idea of strong profits as the economy has seen years of ultra-low interest rates offering little in the way of traditional returns.

Major Japanese newspapers on Sunday labelled the management of virtual currencies at Coincheck as &quot;sloppy&quot; and said the company had &quot;expanded business by putting safety second&quot;.

Local media added the Financial Services Agency was expected to take disciplinary measures against Coincheck, which proclaims itself &quot;the leading bitcoin and cryptocurrency exchange in Asia&quot;, following the theft.

The major Tokyo-based bitcoin exchange collapsed after admitting that 850,000 coins -- worth around $480 million at the time -- had disappeared from its vaults

Japan-based virtual currency exchange Coincheck said Sunday it will refund about $400 million to customers after hackers stole hundreds of millions of dollars' worth of digital assets. The company said it will use its own funds to reimburse about 46.3 billion yen to all 260,000 customers who lost their holdings of NEM, the 10th biggest cryptocurrency by market capitalisation. On Friday, the company detected an "unauthorised access" of the exchange, and later suspended trading for all cryptocurrencies apart from bitcoin. The resulting 58 billion yen ($530 million) loss exceeded the value of bitcoins which disappeared from MtGox in 2014. The major Tokyo-based bitcoin exchange collapsed after admitting that 850,000 coins -- worth around $480 million at the time -- had disappeared from its vaults. The high-profile demise of MtGox failed to douse the enthusiasm for virtual currencies in Japan, which in April became the first country in the world to proclaim it as legal tender. Nearly one third of global bitcoin transactions in December were denominated in yen, according to specialist website jpbitcoin.com. As many as 10,000 businesses in Japan are thought to accept bitcoin and bitFlyer, the country's main bitcoin exchange, saw its user base pass the one-million mark in November. Many Japanese, especially younger investors, have been seduced by the idea of strong profits as the economy has seen years of ultra-low interest rates offering little in the way of traditional returns. Major Japanese newspapers on Sunday labelled the management of virtual currencies at Coincheck as "sloppy" and said the company had "expanded business by putting safety second". Local media added the Financial Services Agency was expected to take disciplinary measures against Coincheck, which proclaims itself "the leading bitcoin and cryptocurrency exchange in Asia", following the theft.

Japan's Crypto exchange to refund to customers after theft

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