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India might consider allowing crypto trading for few investors
India is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors, according to people familiar with the matter.
The uncertainty triggered a sell-off on Wednesday in cryptocurrencies including Shiba Inu and Dogecoin, which were at one point down more than 20% in trading on the WazirX platform, one of India’s leading cryptocurrency exchanges.
Earlier this month, Modi held a meeting on cryptocurrencies, after which officials said India won’t let unregulated crypto markets become avenues for money laundering and terror financing.