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India’s Parliamentary Standing Committee on Finance may recommend better technology for tracking cryptocurrency transactions, stronger blockchain expertise within government, and consultation on the country’s policy stance. These are tentative proposals reported by Hindustan Times on 2 October 2026—not recommendations the committee has formally approved.

What measures might the panel recommend?

“House panel” in this story refers to India’s Parliamentary Standing Committee on Finance, chaired by BJP lawmaker Bhartruhari Mahtab. Hindustan Times, citing unnamed functionaries familiar with the committee’s work, reported that it was preparing a report and might urge the government to:

  • Adopt better technology to track cryptocurrency transactions.
  • Build government capacity in blockchain to strengthen transaction monitoring.
  • Consult stakeholders on whether India should retain its current position on crypto assets.

The newspaper reported that the committee had held eight meetings on virtual digital assets since 8 September of the previous year. It did not identify specific tools or vendors, technical standards, a budget, or an implementation schedule.

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Has the committee issued its recommendations?

The 2 October 2026 Hindustan Times report said the committee was preparing its report. It does not establish that the panel had approved or issued the possible recommendations, or what a final report might say. The proposals should therefore be treated as reported possibilities, not an adopted government policy or formal committee position.

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Why is cross-chain tracking a challenge?

Cryptocurrency transactions may involve assets moving between separate blockchains. Hindustan Times reported that the Financial Intelligence Unit (FIU) can follow cryptocurrency as it moves between blockchains, while experts told the committee that government tools should do a better job of tracing transaction records across them.

Building blockchain capacity could help government agencies understand and follow those records across networks. The report describes the challenge in general terms; it does not explain how a proposed system would work or specify its technical design. It also does not say what safeguards, if any, might accompany stronger monitoring.

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What figures did the report cite?

Hindustan Times attributed the account and holdings estimates below to FIU-India. The figures are reported by the newspaper and have not been independently verified here.

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Reported period KYC-verified accounts Estimated crypto holdings Source and qualification
End of April 2025 36 million Approximately ₹34,000 crore FIU-India figures as reported by Hindustan Times
May 2026 Approximately 39.3 million ₹20,436 crore FIU-India figures as reported by Hindustan Times

Hindustan Times calculated average holdings of around ₹5,200 per KYC-verified account for May 2026 from the reported totals. That is the newspaper’s calculation, not an average expressly identified as an FIU-India figure. Account counts and estimated holdings are different measures; these figures alone do not explain why the reported holdings changed.

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How does this fit India’s crypto policy?

Hindustan Times characterized India’s position as one in which crypto is taxed but is not recognized as legal tender. It reported a 30% tax on income from digital assets and a 1% tax deducted at source on virtual digital asset (VDA) transfers, measures introduced in 2022. Tax rules can change; anyone making a tax or legal decision should check the applicable official law and current guidance.

The article also reproduced a statement from then Finance Minister Arun Jaitley’s 2018–19 Budget speech: “The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these assets in financing illegitimate activities or as part of the payment system. The Government will explore the use of blockchain technology proactively for ushering in the digital economy.” Hindustan Times is the source for this quotation here.

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What the report leaves unanswered

The newspaper report does not provide an official committee report, a primary FIU-India dataset, or a transcript of the Budget speech. It also does not establish whether a final committee report has since been issued or what it formally recommends. Until an official report is available, the possible measures should not be read as settled policy.

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