Meanwhile, India is set to pass a proposal that would impose a 30% tax on any income generated from cryptocurrency transactions, with the country planning to introduce a central bank digital currency (CBDC) or digital rupee by the end of the year. When it comes to crypto regulation, the world is closely watching what the United States is doing, according to Du Jun, co-founder of Huobi, one of the world's largest cryptocurrency exchanges founded in China and now based in Seychelles. Biden's executive order is the official recognition of cryptocurrencies and a step in the right direction to encourage mass adoption of digital assets, he said.