India confirms commitment to global cryptocurrency regulations as Bitcoin hits record high

Bitcoin reached a new record high of $94,078 on Wednesday before settling at $92,000. This surge follows recent developments in the cryptocurrency market, including potential acquisitions and trading options from major firms. India's Finance Ministry confirmed it will adhere to global cryptocurrency regulations, focusing on policies that benefit its economy. A new paper on cryptocurrency is being finalized by the Department of Economic Affairs. Despite a growing interest in cryptocurrencies in India, regulatory clarity remains limited. The government has imposed a flat 30% tax on crypto gains and a 1% tax on transfers, affecting all participants in the market.