In summary, India's stance on adopting cryptocurrencies now hangs on whether the majority of G20 member nations endorse the idea within a global regulatory framework. If this support will be confirmed, India will embrace the concept of crypto adoption. However, if the majority does not support it, India will proceed with a comprehensive ban, similar to China's actions in late 2021.

India's approach to cryptocurrencies has remained a topic of continuous examination, particularly due to the challenges faced by the nation's formerly flourishing crypto industry. These challenges encompassed significant tax burdens, a downturn in the cryptocurrency market, the imposition of a "shadow ban," the introduction of anti-money laundering regulations, and legal measures taken against prominent cryptocurrency exchanges. The intensity of this scrutiny heightened after India assumed a leadership role in prioritizing the formulation of global cryptocurrency regulations during its G20 presidency. Eventually, India achieved this goal by issuing a collaborative "synthesis paper" in conjunction with the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

According to two officials speaking on Sundays G20 Meeting, India might opt for more stringent regulation of crypto-assets, going further than the minimum regulatory standards outlined by the G20. The government will make a decision in this regard after consulting with all relevant stakeholders, including the Reserve Bank of India.

India's Finance Ministry announced that India will attentively assess global leaders' perspectives on an appropriate framework for cryptocurrency regulation, as it being discussed during the recent G20 deliberations. Subsequently, India will formulate its own stance on crypto in the upcoming months.