Meanwhile, India is on the verge of passing a proposal that would levy a 30% tax on any income generated from crypto transactions, and the country has plans to introduce a central bank digital currency (CBDC), or digital rupee, by the end of the year. When it comes to regulating crypto, the world is watching carefully what the U.S. is doing, according to Du Jun, co-founder of Huobi, one of the world’s largest crypto exchanges founded in China and now based in the Seychelles. Biden’s executive order is an official acknowledgment of crypto and a step in the right direction for encouraging mass adoption of digital assets, he said.