Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed

Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed
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"Donald Trump" is written on top of the wall at the border between the US and Mexico, in Ciudad Juarez, Mexico, on Nov. 6, 2024. (REUTERS)
Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed
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Birds fly near a razor wire fence, used to prevent migrants from crossing into the US, at the US-Mexico border, as seen from Ciudad Juarez, Mexico on Nov. 6, 2024. (REUTERS)
Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed
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A person rides a bike near the wall at the border between the US and Mexico, in Ciudad Juarez, Mexico, on Nov. 6, 2024. (REUTERS)
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Updated 08 November 2024
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Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed

Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed
  • Trump’s agenda also would scale back federal government efforts on civil rights and expand presidential powers
  • Altogether, his approach would not just crack down on illegal migration, but curtail immigration overall

WASHINGTON: Donald Trump has promised sweeping action in a second administration.
The former president and now president-elect often skipped over details but through more than a year of policy pronouncements and written statements outlined a wide-ranging agenda that blends traditional conservative approaches to taxes, regulation and cultural issues with a more populist bent on trade and a shift in America’s international role.
Trump’s agenda also would scale back federal government efforts on civil rights and expand presidential powers.
A look at what Trump has proposed:
Immigration
“Build the wall!” from his 2016 campaign has become creating “the largest mass deportation program in history.” Trump has called for using the National Guard and empowering domestic police forces in the effort. Still, Trump has been scant on details of what the program would look like and how he would ensure that it targeted only people in the US illegally. He’s pitched “ideological screening” for would-be entrants, ending birth-right citizenship (which almost certainly would require a constitutional change), and said he’d reinstitute first-term policies such as “Remain in Mexico,” limiting migrants on public health grounds and severely limiting or banning entrants from certain majority-Muslim nations. Altogether, the approach would not just crack down on illegal migration, but curtail immigration overall.

Abortion
Trump played down abortion as a second-term priority, even as he took credit for the Supreme Court ending a woman’s federal right to terminate a pregnancy and returning abortion regulation to state governments. At Trump’s insistence, the GOP platform, for the first time in decades, did not call for a national ban on abortion. Trump maintains that overturning Roe v. Wade is enough on the federal level. Trump said last month on his social media platform Truth Social that he would veto a federal abortion ban if legislation reached his desk — a statement he made only after avoiding a firm position in his September debate against Democratic nominee Kamala Harris.
But it’s unclear if his administration would aggressively defend against legal challenges seeking to restrict access to abortion pills, including mifepristone, as the Biden administration has. Anti-abortion advocates continue to wage legal battles over the Food and Drug Administration’s approval of the drug as well as the agency’s relaxed prescribing restrictions. Trump is also unlikely to enforce Biden’s guidance that hospitals must provide abortions for women who are in medical emergencies, even in states with bans.
Taxes
Trump’s tax policies broadly tilt toward corporations and wealthier Americans. That’s mostly due to his promise to extend his 2017 tax overhaul, with a few notable changes that include lowering the corporate income tax rate to 15 percent from the current 21 percent. That also involves rolling back Democratic President Joe Biden’s income tax hikes on the wealthiest Americans and scrapping Inflation Reduction Act levies that finance energy measures intended to combat climate change.
Those policies notwithstanding, Trump has put more emphasis on new proposals aimed at working- and middle class Americans: exempting earned tips, Social Security wages and overtime wages from income taxes. It’s noteworthy, however, that his proposal on tips, depending on how Congress might write it, could give a back-door tax break to top wage earners by allowing them to reclassify some of their pay as tip income — a prospect that at its most extreme could see hedge-fund managers or top-flight attorneys taking advantage of a policy that Trump frames as being designed for restaurant servers, bartenders and other service workers.
Tariffs and trade
Trump’s posture on international trade is to distrust world markets as harmful to American interests. He proposes tariffs of 10 percent to 20 percent on foreign goods — and in some speeches has mentioned even higher percentages. He promises to reinstitute an August 2020 executive order requiring that the federal government buy “essential” medications only from US companies. He pledges to block purchases of “any vital infrastructure” in the US by Chinese buyers.
DEI, LGBTQ and civil rights
Trump has called for rolling back societal emphasis on diversity and for legal protections for LGBTQ citizens. Trump has called for ending diversity, equity and inclusion programs in government institutions, using federal funding as leverage.
On transgender rights, Trump promises generally to end “boys in girls’ sports,” a practice he insists, without evidence, is widespread. But his policies go well beyond standard applause lines from his rally speeches. Among other ideas, Trump would roll back the Biden administration’s policy of extending Title IX civil rights protections to transgender students, and he would ask Congress to require that only two genders can be recognized at birth.
Regulation, federal bureaucracy and presidential power
The president-elect seeks to reduce the role of federal bureaucrats and regulations across economic sectors. Trump frames all regulatory cuts as an economic magic wand. He pledges precipitous drops in US households’ utility bills by removing obstacles to fossil fuel production, including opening all federal lands for exploration — even though US energy production is already at record highs. Trump promises to unleash housing construction by cutting regulations — though most construction rules come from state and local government. He also says he would end “frivolous litigation from the environmental extremists.”
The approach would in many ways strengthen executive branch influence. That power would come more directly from the White House.
He would make it easier to fire federal workers by classifying thousands of them as being outside civil service protections. That could weaken the government’s power to enforce statutes and rules by reducing the number of employees engaging in the work and, potentially, impose a chilling effect on those who remain.
Trump also claims that presidents have exclusive power to control federal spending even after Congress has appropriated money. Trump argues that lawmakers’ budget actions “set a ceiling” on spending but not a floor — meaning the president’s constitutional duty to “faithfully execute the laws” includes discretion on whether to spend the money. This interpretation could set up a court battle with Congress.
As a candidate, he also suggested that the Federal Reserve, an independent entity that sets interest rates, should be subject to more presidential power. Though he has not offered details, any such move would represent a momentous change to how the US economic and monetary systems work.
Education
The federal Department of Education would be targeted for elimination in a second Trump administration. That does not mean that Trump wants Washington out of classrooms. He still proposes, among other maneuvers, using federal funding as leverage to pressure K-12 school systems to abolish tenure and adopt merit pay for teachers and to scrap diversity programs at all levels of education. He calls for pulling federal funding “for any school or program pushing Critical Race Theory, gender ideology, or other inappropriate racial, sexual, or political content on our children.”
In higher education, Trump proposes taking over accreditation processes for colleges, a move he describes as his “secret weapon” against the “Marxist Maniacs and lunatics” he says control higher education. Trump takes aim at higher education endowments, saying he will collect “billions and billions of dollars” from schools via “taxing, fining and suing excessively large private university endowments” at schools that do not comply with his edicts. That almost certainly would end up in protracted legal fights.
As in other policy areas, Trump isn’t actually proposing limiting federal power in higher education but strengthening it. He calls for redirecting the confiscated endowment money into an online “American Academy” offering college credentials to all Americans without a tuition charges. “It will be strictly non-political, and there will be no wokeness or jihadism allowed— none of that’s going to be allowed,” Trump said on Nov. 1, 2023.
Social Security, Medicare and Medicaid
Trump insists he would protect Social Security and Medicare, popular programs geared toward older Americans and among the biggest pieces of the federal spending pie each year. There are questions about how his proposal not to tax tip and overtime wages might affect Social Security and Medicare. If such plans eventually involved only income taxes, the entitlement programs would not be affected. But exempting those wages from payroll taxes would reduce the funding stream for Social Security and Medicare outlays. Trump has talked little about Medicaid during this campaign, but his first administration reshaped the program by allowing states to introduce work requirements for recipients.
Affordable Care Act and Health Care
As he has since 2015, Trump calls for repealing the Affordable Care Act and its subsidized health insurance marketplaces. But he still has not proposed a replacement: In a September debate, he insisted he had the “concepts of a plan.” In the latter stages of the campaign, Trump played up his alliance with former presidential candidate Robert F. Kennedy Jr., a longtime critic of vaccines and of pesticides used in US agriculture. Trump repeatedly told rally crowds that he would put Kennedy in charge of “making America healthy again.”
Climate and energy
Trump, who claims falsely that climate change is a “hoax,” blasts Biden-era spending on cleaner energy designed to reduce US reliance on fossil fuels. He proposes an energy policy – and transportation infrastructure spending – anchored to fossil fuels: roads, bridges and combustion-engine vehicles. “Drill, baby, drill!” was a regular chant at Trump rallies. Trump says he does not oppose electric vehicles but promises to end all Biden incentives to encourage EV market development. Trump also pledges to roll back Biden-era fuel efficiency standards.
Workers’ rights
Trump and Vice President-elect JD Vance framed their ticket as favoring America’s workers. But Trump could make it harder for workers to unionize. In discussing auto workers, Trump focused almost exclusively on Biden’s push toward electric vehicles. When he mentioned unions, it was often to lump “the union bosses and CEOs” together as complicit in “this disastrous electric car scheme.” In an Oct. 23, 2023, statement, Trump said of United Auto Workers, “I’m telling you, you shouldn’t pay those dues.”
National defense and America’s role in the world
Trump’s rhetoric and policy approach in world affairs is more isolationist diplomatically, non-interventionist militarily and protectionist economically than the US has been since World War II. But the details are more complicated. He pledges expansion of the military, promises to protect Pentagon spending from austerity efforts and proposes a new missile defense shield — an old idea from the Reagan era during the Cold War. Trump insists he can end Russia’s war in Ukraine and the Israel-Hamas war, without explaining how. Trump summarizes his approach through another Reagan phrase: “peace through strength.” But he remains critical of NATO and top US military brass. “I don’t consider them leaders,” Trump said of Pentagon officials that Americans “see on television.” He repeatedly praised authoritarians like Hungary’s Viktor Orban and Russia’s Vladimir Putin.
 


Elon Musk brands USAID as ‘criminal organization’ in growing row

Elon Musk brands USAID as ‘criminal organization’ in growing row
Updated 38 min 56 sec ago
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Elon Musk brands USAID as ‘criminal organization’ in growing row

Elon Musk brands USAID as ‘criminal organization’ in growing row
  • More USAID officials removed from posts as Trump’s team moves to abolish the agency’s independence
  • Trump has ordered a freeze on almost all US foreign aid oending a review of its spending to ensure money is distributed in line with his “America First” foreign policy

WASHINGTON: US billionaire Elon Musk attacked the US Agency for International Development on Sunday, calling it a “criminal organization” after President Donald Trump moved to freeze the bulk of Washington’s foreign assistance for three months.

USAID, an independent agency established by an act of Congress, manages a budget of $42.8 billion meant for humanitarian relief and development assistance around the world.

But it is one of the targets of the so-called Department of Government Efficiency (DOGE) headed by Musk, whom Trump has tasked with cutting the government workforce and slashing what the Republican calls waste and unnecessary spending.

Trump ordered a freeze on almost all US foreign aid, saying his administration will review spending to ensure money is distributed in line with his “America First” foreign policy.

The Trump administration has since issued waivers for food and other humanitarian aid. But aid workers say uncertainty reigns — and that the impact is already being felt by some of the world’s most vulnerable.

USAID is a criminal organization,“ Musk wrote on his X platform, replying to a video alleging USAID involvement in ”rogue CIA work“ and ”internet censorship.“

In a subsequent post, Musk doubled down and, without giving evidence, asked his 215 million X followers, ”Did you know that USAID, using YOUR tax dollars, funded bioweapon research, including Covid-19, that killed millions of people?“

He did not elaborate on the allegations, which officials in the previous administration linked to a Russian disinformation campaign.

Mayhem

Two top USAID security officials were reportedly removed during the weekend after they tried to stop DOGE representatives from gaining access to restricted parts of the building, three sources said on Sunday.

The action added to the dozens of staff at USAID being removed from their positions, as Trump’s team moves to abolish the agency’s independence and possibly bring it under the control of the State Department.

USAID’s account on X had been disabled, and the agency’s website was still offline.

Nearly 30 career staff in the agency’s Legislative and Public Affairs bureau lost access overnight to their emails, at least five sources said, bringing the total number of senior USAID career staff who have been put on leave over the past week close to 100.

“DOGE did access the building yesterday,” a senior Senate Democratic aide said, requesting anonymity to discuss the incident. USAID security officers tried to turn away DOGE personnel without security clearances.

“They (security personnel) were threatened with action by the federal Marshals Service,” the aide said. Following the incident, the director of USAID security John Voorhees and his deputy were removed from their positions and put on leave, sources said.

Members of the group from DOGE were allowed to access several secure spaces, including the office of security and the agency’s executive secretariat.

There was no record of what information DOGE officials were able to obtain in those areas, but the offices they accessed included classified files and personal information about Americans who work at USAID, the sources said.

Katie Miller, a DOGE spokesperson, said on social media platform X that no classified material was accessed without proper security clearances.

Matt Hopson, who was appointed as chief of staff by the Trump administration, has resigned, five sources familiar with the matter said. A congressional source said his resignation followed the incident with DOGE officials. USAID did not respond to a request about Hopson.

Legal battle looms

Congressional Democrats said the changes appeared to violate US laws establishing USAID and funding it as a separate agency. Two senior Senate Democratic aides said lawmakers and staff had been meeting on Sunday and would meet again on Monday to consider further steps, including legal action.

Senior Democratic members of the Senate Foreign Relations Committee including its chair Jeanne Shaheen on Sunday sent a letter to US Secretary of State Marco Rubio seeking an explanation over the incident. Shaheen said that she was working to gather Democrats and Republicans to ask for answers.

The global freeze on most of US foreign aid is already sending shockwaves around the world. Field hospitals in Thai refugee camps, land mine clearance in war zones, and drugs to treat millions suffering from diseases such as HIV are among the programs at risk of elimination.

US House Foreign Affairs Committee Chair Brian Mast on Sunday said that he would support moving USAID under the State Department and that there needs to be “more command and control.’

Asked on CBS’ “Face the Nation” if congressional approval was needed or whether Trump could act unilaterally, Mast did not answer. The “purging of people throughout the State Department, other agencies” and freezing aid were “all very important and necessary steps to make sure that we secure America,” he said.

The State Department and USAID did not respond to requests for comment.


UK’s Starmer seeks strong trade relations with the US in the wake of Trump’s tariffs

UK’s Starmer seeks strong trade relations with the US in the wake of Trump’s tariffs
Updated 03 February 2025
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UK’s Starmer seeks strong trade relations with the US in the wake of Trump’s tariffs

UK’s Starmer seeks strong trade relations with the US in the wake of Trump’s tariffs
  • The UK left the EU in 2020, following a referendum in 2016. Trump, who supported the Leave side in the Brexit vote, has not yet said whether he plans to target the UK with tariffs

British Prime Minister Keir Starmer said Sunday that he would seek a strong trade relationship with the US after President Donald Trump suggested he would slap Europe with tariffs after he hit America’s biggest trading partners — Canada, Mexico and China — with import taxes.
Starmer spoke to reporters while hosting German Chancellor Olaf Scholz at his country estate on the eve of a mission to improve relations with the European Union.
“In the discussions that I have had with President Trump, that is what we have centered on, a strong trading relationship,” he said. “So it is very early days.”
Canada and Mexico ordered retaliatory tariffs in response to Trump’s announcement that the US on Tuesday will stick a 25 percent levy on imports from Canada and Mexico and 10 percent on goods from China. Trump said he “absolutely” plans to impose tariffs on the EU.
The UK left the EU in 2020, following a referendum in 2016. Trump, who supported the Leave side in the Brexit vote, has not yet said whether he plans to target the UK with tariffs.
The tit-for-tat tariffs have triggered fears of a global trade war.
“Tariff increases really right across the world can have a really damaging impact on global growth and trade, so I don’t think it’s what anybody wants to see,” British Home Secretary Yvette Cooper told the BBC.
Starmer is heading to Belgium to meet with EU chiefs Monday, where the UK leader is aiming for a relationship “reset”.
While ruling out rejoining the EU trade bloc five years after Brexit, Starmer said he wants to forge a closer relationship on defense, energy and trade.
“I think that is certainly in the UK’s best interest, I do believe it’s in the EU’s best interest, and already I hope that in the last seven months there’s been a manifest difference in approach, tone and relationship,” he said.
Starmer hosted Scholz at Chequers, the prime minister’s country residence in Buckinghamshire 30 miles (50 kilometers) northwest of London, where the two leaders discussed Ukraine and the Middle East, according to a Starmer spokesperson.
The prime minister spoke of their common approach to “key issues and challenges,” including their shared commitment to Kyiv as the war with Russia enters its fourth year this month.
The two agreed that Russia’s invasion had emphasized the need to beef up and coordinate defense production across Ukraine, according to a readout of the meeting from a Starmer spokesperson. The UK and Germany signed a defense pact in October, described by officials as the first of its kind between two NATO member countries, to boost European security amid rising Russian aggression.
The British government’s strategic defense review later this year will include lessons learned in Ukraine and the need to outmaneuver Russian President Vladimir Putin’s hostile acts across the continent, Starmer said.
Starmer thanked Scholz for visiting in the middle of a difficult re-election campaign. Scholz’s center-left Social Democrats are lagging in the polls behind the center-right Christian Democratic Union and the far-right Alternative for Germany, or AfD, with three weeks to go before the Feb. 23 vote.
“When I started as prime minister seven months ago now, I was determined to strengthen the relationship between our two countries — already very good, but I thought it could be stronger on a number of fronts,” said Starmer, leader of the center-left Labour Party. “And thanks to your leadership, I think we’ve made real progress.”
Scholz said the visit that included a walk around the grounds of the estate and a lunch was a “good sign of the very good relations between our two countries, and indeed between the two of us.”


Tens of thousands protest in Berlin against proposed German immigration crackdown

Tens of thousands protest in Berlin against proposed German immigration crackdown
Updated 03 February 2025
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Tens of thousands protest in Berlin against proposed German immigration crackdown

Tens of thousands protest in Berlin against proposed German immigration crackdown
  • The draft law would have restricted family reunifications for some refugees and called for more people to be refused at the border

BERLIN: Thousands of people protested in Berlin on Sunday against plans to limit immigration proposed by opposition conservatives and supported by the far-right Alternative for Germany (AfD).
Friedrich Merz, the conservatives’ leader who is tipped to become Germany’s next chancellor after a national election set for Feb. 23, sponsored a draft bill with AfD support, breaking a taboo against cooperating with the far-right party.
Around 160,000 gathered at Berlin’s Brandenburg Gate, next to the Bundestag lower house, according to the Berlin police. The protesters held banners reading “We are the firewall, no cooperation with the AfD” and “Merz, go home, shame on you!.”
Merz, the CDU/CSU’s candidate for chancellor, on Friday tried to push the immigration bill in the lower house but failed to secure a majority as some of the deputies from his own party refused to support it.
Their failure to endorse his draft dealt a blow to the authority of Merz, who had pushed for the law despite warnings from party colleagues that he risked being tarnished with the charge of voting alongside the far-right.
Mainstream German parties had previously joined forces to prevent the AfD, which is under surveillance by Germany’s security services, from achieving legislative power, something they call a firewall against the far-right.
The draft law would have restricted family reunifications for some refugees and called for more people to be refused at the border. Two-thirds of the public support stronger immigration rules, according to a recent poll.
Merz had argued that the bill was a necessary response to a series of high-profile killings in public spaces by people with an immigrant background. But Chancellor Olaf Scholz’s Social Democrats (SPD) and Greens said the proposals would not have stopped the attacks and violated European law.
On Saturday, tens of thousands took to the streets across many other German cities, including Hamburg, Stuttgart and Leipzig, in similar protests against the CDU/CSU and the AfD.


Rwanda-backed M23 offensive in east Congo condemned

War-displaced people leave the camps on the outskirts of Goma on February 2, 2025. (AFP)
War-displaced people leave the camps on the outskirts of Goma on February 2, 2025. (AFP)
Updated 02 February 2025
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Rwanda-backed M23 offensive in east Congo condemned

War-displaced people leave the camps on the outskirts of Goma on February 2, 2025. (AFP)
  • The 16-nation South African Development Community on Friday called for a summit with the eight-country East African Community to “deliberate on the way forward regarding the security situation in Congo”

WASHINGTON: Foreign ministers of the Group of Seven rich democracies have strongly condemned a major offensive by Rwandan-backed M23 rebels in eastern Democratic Republic of Congo and urged M23 and the Rwanda Defense Force to halt their offensive.
In a statement released by Canada, which holds the G7 presidency, the foreign ministers said they were particularly concerned about the capture of Minova, Sake, and Goma, and urged the parties to protect civilians.
“This offensive constitutes a flagrant disregard for the sovereignty and territorial integrity of Congo,” the statement said, citing a big increase in displaced civilians and worsening humanitarian conditions.
Meanwhile, Rwanda welcomed on Sunday calls for a summit of two African regional groups to discuss the escalating conflict.
It is the latest escalation in a mineral-rich region bedeviled by decades of fighting involving dozens of armed groups, and has rattled the continent with regional blocs holding emergency summits over the spiraling tensions.
The 16-nation South African Development Community on Friday called for a summit with the eight-country East African Community to “deliberate on the way forward regarding the security situation in Congo.”
The Rwandan Foreign Ministry said it “welcomes the proposed joint summit,” adding in a statement it had “consistently advocated for a political solution to the ongoing conflict.”
The SADC emergency session was not attended by President Paul Kagame of Rwanda — which is not a member of the bloc — but Congolese leader Felix Tshisekedi was present virtually.
Earlier in the week, Kagame appeared at an EAC emergency session when the DR Congo president was absent.
The SADC meeting was convened after soldiers from two member states, South Africa and Malawi, were killed in the fighting around Goma where they were deployed.
Some were part of Southern African Development Community Mission in the Democratic Republic of Congo.
In Sunday’s statement, Rwanda’s Foreign Ministry criticized the presence of the force in DR Congo, saying it should “not be there because they are adding to the problems that already existed.” Kagame has made similar remarks previously.
While Rwanda has never admitted to military involvement in support of the M23 group a UN report last July said it had roughly 4,000 troops in eastern DR Congo, and accused Kigali of having “de facto” control over the group.
Rwanda alleges that DR Congo supports and shelters the FDLR, an armed group created by former Hutu leaders who massacred Tutsis during the 1994 Rwandan genocide.
The intensified fighting has provoked fears of a humanitarian crisis.
In a region already home to hundreds of thousands of internally displaced people, the fighting has forced another 500,000 people to flee their homes, said the UN.
Separately, reports said two Tanzanian soldiers have been killed in clashes in the last 10 days in eastern Congo.
“Following a series of attacks in the areas of Sake and Goma carried out by M23 rebels, JWTZ (Tanzania People’s Defense Force) has lost two soldiers,” army spokesperson Gaudentius Ilonda said.
He confirmed that four others had been wounded and were currently receiving treatment in Goma.
Ilonda said the remaining units — without giving any further details — “continue to carry out their duties under the guidance of SADC.”
Preparations were underway to repatriate the bodies of the Tanzanian soldiers, he added.
So far 13 South Africans, three Malawians, and a Uruguayan national have died in the DR Congo clashes.

 

 


India reviewing crypto position due to global changes, senior official says

India reviewing crypto position due to global changes, senior official says
Updated 02 February 2025
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India reviewing crypto position due to global changes, senior official says

India reviewing crypto position due to global changes, senior official says
  • The review follows crypto-friendly policy announcements by US President Donald Trump
  • It may further delay publication of a discussion paper that was due for release in Sept. 2024

India is reviewing its stance on cryptocurrencies due to shifting attitudes toward the virtual asset in other countries, a senior government official told Reuters on Sunday.
The review, which follows crypto-friendly policy announcements by US President Donald Trump, could further delay publication of a discussion paper on cryptocurrencies that was due for release in September 2024.
“More than one or two jurisdictions have changed their stance toward cryptocurrency in terms of the usage, their acceptance, where do they see the importance of crypto assets. In that stride, we are having a look at the discussion paper once again,” India’s Economic Affairs Secretary Ajay Seth said in an interview.
Seth said that because such assets “don’t believe in borders,” India’s stance cannot be unilateral.
He did not specifically mention the United States, where Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, making good on his promise to overhaul US crypto policy.
Indians have poured money into cryptocurrencies in recent years despite the country’s tough regulatory stance and steep trading taxes.
India’s Financial Intelligence Unit (FIU) issued show-cause notices to nine offshore cryptocurrency exchanges in December 2023 for non-compliance with local rules.
Binance, the world’s biggest crypto exchange, was hit with a fine of 188.2 million rupees ($2.25 million) in June 2024, a month after it registered with the FIU in an effort to resume operations in the country.
Last year, India’s market watchdog recommended that several regulators oversee trade in cryptocurrencies, in a sign that at least some authorities in the country are open to allowing the use of private virtual assets.
That position stood in contrast to statements by the nation’s central bank, which has maintained that private digital currencies represent a macroeconomic risk.