Will Aam Aadmi Party Endorse Crypto Ahead of Delhi Assembly Elections?

Crypto, that has been a taboo in Indian politics till now, might soon shed its stigma and join the mainstream bandwagon, if we go by recent events.

Written By:
Pari Shukla

Reviewed By:
Vaibhav Jha

Indian Parliamentarian Raghav Chadha Along With Former Delhi Chief Minister Arvind Kejriwal.

With less than two months to go for Delhi Assembly elections 2025, the Aam Aadmi Party (AAP), one of the key opposition parties in India, might consider crypto as an election issue to woo young voters of the national capital.

AAP, which has been sweeping Delhi Assembly elections for the past three terms, has been known for including “youth connecting issues” in their poll manifesto. For example, their biggest promise in the 2020 Assembly elections was the promise of free wi-fi across Delhi.

Recently, Indian parliamentarian Raghav Chadha from Aam Aadmi Party (AAP)- one of the key opposition parties in India, responded to a crypto influencer on social media, who demanded his intervention against high taxation on cryptocurrencies by the Indian government.

Chadha, a Rajya Sabha MP, assured the influencer that he will indeed raise his voice in the Indian parliament against the existing 30% tax against any capital gains on crypto plus 1% tax deducted at source. Additionally, Chadha said that he will also raise the issue of lakhs of WazirX exchange users awaiting their stuck funds, since the Rs 2000 crore hack.

Taking a cue, CoinDCX founder Sumit Gupta, also addressed Chadha and demanded that he raise concerns over India’s tax structure on Virtual Digital Assets (VDAs).

In Gupta’s own words, “If not fixed (tax structure) on time, entrepreneurs will move outside India, innovation will shift outside the country, and once again India will lose out on this disruptive technology which rest of the world including the USA is adopting very fast.”

Going by Chadha’s comments, it appears that he is going to address these issues in the upcoming Rajya Sabha session as a parliamentarian and ask questions from the union ministry concerned. However, the very act by Chadha will set a precedent and allow AAP to take up this issue if it attracts voters of Delhi.

Crypto and India: A Hush Hush Affair

India has been ranking first in global crypto adoption index for two consecutive years yet the sector remains a hush-hush affair for the government and even other opposition parties. Officially, India doesn’t recognize cryptocurrencies, hasn’t banned or regulated them and yet collects a hefty 30% capital gains tax plus 1% TDS on them.

Moreover, some critical comments against crypto, have come recently from those in power, including former RBI governor, that has further alienated this sector from the mainstream.

In 2024, lakhs of Indian crypto investors lost their money after WazirX, a supposedly Indian exchange, was hit by a cyber hack of Rs 2000 crore worth of cryptocurrencies. After the hack, the exchange management froze remaining Rs 2500 crore of investor funds for the past five months and has sought help from a Singapore court. Today, lakhs of Indian investors are at the mercy of the judicial system of Singapore and the exchange management, to get their funds back.

The WazirX hack and mismanagement is the result of apathy and disdain of the Indian government towards crypto sector, that has allowed the management to act as per their whims. Till date, not a single Indian politician has stepped up to speak on behalf of WazirX users and therefore, the recent comments made by Chadha on X sets a precedent.

How can AAP promote Crypto through Delhi Assembly elections?

While it is true that only the central government of India can introduce regulatory changes related to crypto, AAP can still include crypto in their manifesto for Delhi assembly elections. AAP, as the ruling party of Delhi, has departments of Education, Training and Technical Education, Revenue, Finance and Planning under their purview and they can surely promote crypto education as part of an awareness campaign.

Moreover, the party can promote crypto investors from Delhi-NCR domicile with grants and subsidies and can also help start a crypto outreach program at party level.

Moreover, AAP can also connect with WazirX users as according to a survey by CoinSwitch, Delhi accounts for maximum number of crypto investors in India at 20.1%. Moreover, AAP is also projecting itself as a national party with potential to form government at the center. Therefore, wooing crypto voters for 2029 General Assembly elections can also prove fruitful for the party.

Conclusion

In the wake of utter disdain of desi crypto community from both Bharatiya Janata Party and Indian National Congress, AAP can benefit from being an early riser and promote crypto adoption in India, in hope that it culminates into votes from young people from Delhi and all over India.

Also Read: Botad Bulls: How Crypto Won Over a Small Indian City



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Pari Shukla is a Reporter and Writer at The Crypto Times. Apart from being a crypto enthusiast, Pari is a cricket aficionado and has also worked as a Sports Anchor and Writer. When not working, Pari likes to explore Turkish Culture.
Vaibhav Jha is an Editor and Content Head at The Crypto Times. He comes on board with a vast array of experience working as a journalist for leading national and international English newspapers. He has a penchant for research and storytelling is his forte. When not working, Vaibhav can be found watching Hindi classic movies or listening to 90's music.