New Delhi, July 20 -- In early 2019, a committee I headed as secretary, department of economic affairs, proposed a law for digital currencies that would lay down the statutory base for a blockchain-based crypto assets ecosystem.

up on it and India still has no statute or regulation that defines 'crypto assets' and the rules of running a crypto business in the country.

In the meantime, the world has moved rapidly towards mainstreaming crypto assets and crypto-currencies. The US Senate recently passed the GENIUS Act, legalizing privately issued dollar-backed stablecoins.

The market value of cryptocurrencies now exceeds $3.25 trillion. If all cryptocurrencies are taken as a single currency, it would be the world's tenth largest by value....