About 39 million cryptocurrency users in India hold $2.1 billion in assets, central bank urges banks to avoid risks

India imposes a 30% tax and a 1% withholding tax on virtual digital asset earnings, with 54 cryptocurrency service providers serving 39 million users and users holding $2.1 billion in assets. The Reserve Bank of India (RBI) tends to adopt a ban policy on private cryptocurrencies and stablecoins, and urges banks to avoid related exposures. Indian government agencies use blockchain in non transactional scenarios, AIIMS Delhi manages recruitment records, Cotton Corporation of India tracks cotton bales, DGCA builds digital service platform.