India is reviewing its crypto policy as other countries including the US, shift attitudes towards the asset class. The government is reportedly reassessing a discussion paper on cryptocurrencies, which was due for release in September 2024, Reuters reports.

According to India’s Economic Affairs Secretary Ajay Seth, digital assets “don’t believe in borders” and India cannot take decisions one-sided.

India’s decision to review crypto policy follows US President Donald Trump’s recent signing of a digital assets executive order. The order introduced a roadmap for regulating cryptos, while signaling a broader strategy for boosting innovation in the asset space.

“More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of the usage, their acceptance,” Ajay Seth noted. “In that stride, we are having a look at the discussion paper once again.”

However, India’s Union Budget 2025, which was presented by Finance Minister Nirmala Sitharaman on Saturday, did not explicitly make any mention about the sector. But, the budget has proposed to tightened the norms for taxpayers engaged in cryptocurrency trading.

Per a local daily Business Today report last week, a panel, led by the Secretary of the Department of Economic Affairs (DEA), is expected to release a crypto consultation paper by March 2025. Further, the paper will seek feedback from stakeholders in shaping a regulatory framework for virtual digital assets (VDAs).

India Doesn’t Want to Be Left Behind in Crypto Policy

India has known for its stringent crypto stance with a 30% capital gains tax and 1% TDS on transactions. Despite that, Indian investors have braved the country’s steep trading taxes. Per Chainalysis 2024 report, India has led the way in global crypto adoption for the second straight year.

Last year, Ajay Seth noted that India’s landmark crypto policy paper would focus on initiating stakeholder consultation, rather than proposing immediate legislation. At the time, he indicated that India would analyze global approaches to crypto regulation before finalizing its stance.

This analytical approach aligns with India’s efforts during its G20 presidency to prioritize a global consensus on crypto rules.

The post India Reconsiders Crypto Policy Amid Global Adoption Shifts: Report appeared first on Cryptonews.

Dogecoin declined heavily below the $0.280 support against the US Dollar. DOGE is now recovering and might face hurdles near $0.270.

• DOGE price started a fresh decline below the $0.2850 and $0.2650 support levels.
• The price is trading below the $0.280 level and the 100-hourly simple moving average.
• There is a major bearish trend line forming with resistance at $0.270 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start another increase if it clears the $0.250 and $0.270 resistance levels.

Dogecoin Price Dives 30%

Dogecoin price started a fresh decline from the $0.3250 resistance zone, like Bitcoin and Ethereum. DOGE dipped below the $0.300 and $0.2750 support levels. It even spiked below $0.220.

The price declined over 25% and tested the $0.20 zone. A low was formed at $0.20 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $0.3416 swing high to the $0.20 low.

Dogecoin price is now trading above the $0.280 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.250 level. The first major resistance for the bulls could be near the $0.260 level.

The next major resistance is near the $0.270 level or the 50% Fib retracement level of the downward move from the $0.3416 swing high to the $0.20 low. There is also a major bearish trend line forming with resistance at $0.270 on the hourly chart of the DOGE/USD pair.

A close above the $0.270 resistance might send the price toward the $0.2880 resistance. Any more gains might send the price toward the $0.30 level. The next major stop for the bulls might be $0.320.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.250 level, it could start another decline. Initial support on the downside is near the $0.2250 level. The next major support is near the $0.2150 level.

The main support sits at $0.20. If there is a downside break below the $0.20 support, the price could decline further. In the stated case, the price might decline toward the $0.1880 level or even $0.1650 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.2250 and $0.2150.

Major Resistance Levels – $0.2500 and $0.2700.