On October 6, 2025, the global conversation around digital currencies took a dramatic turn, with major developments spanning three continents. In India and Nigeria, top government officials outlined sharply contrasting regulatory visions for the future of cryptocurrencies and Web3 technologies. Meanwhile, in Vietnam, local authorities launched a high-profile investigation into the collapse of a homegrown digital currency project, Antex, after reports of investor losses and allegations swirling on social media.
India, home to more than a billion people and a burgeoning technology sector, has long been a regional powerhouse in cryptocurrency adoption. Yet, according to statements made by Piyush Goyal, India’s Minister of Commerce and Industry, the government remains deeply skeptical of the sector’s risks. Speaking during trade talks in Doha, Goyal underscored the negative aspects of Web3, asserting that India does not encourage the use of unbacked digital tokens and imposes what he called a “very heavy tax” on users. Goyal’s comments, as reported by multiple outlets, left little ambiguity about the government’s stance: “India also announced that we will issue a digital currency, guaranteed by the Reserve Bank of India. We do not encourage [cryptocurrencies] because we do not want anyone to get stuck… with a [token] that has no guarantee and no one behind it.”
This isn’t just rhetoric. India launched its own Central Bank Digital Currency (CBDC), the digital rupee, back in 2022. However, the project has struggled to gain traction, with total circulation reaching only $114.5 million after three years—a paltry sum for a nation that saw over $300 billion in on-chain cryptocurrency transactions last year. As noted by industry analysts, the digital rupee’s limited appeal highlights the challenge of steering users away from decentralized tokens and towards a state-backed alternative. Goyal’s hints at either reviving or expanding the CBDC project suggest that New Delhi is doubling down on its preference for tightly controlled digital assets, even as it keeps a wary eye on the broader crypto landscape.
In stark contrast, Nigeria—Africa’s largest economy and a country with its own checkered history of crypto-related scams—has opted for a more open-minded approach. Abbas Tajudeen, Chairman of the Nigerian House of Representatives, inaugurated a new committee dedicated to digital currency regulation. While acknowledging the risks of criminal activity, Tajudeen emphasized the sector’s economic promise: “We have been tasked with a matter of national significance: to consider the economic, regulatory, and security impacts of cryptocurrency. Globally, financial systems are being reshaped by technology. In Nigeria, cryptocurrency and POS activities have grown rapidly, creating new opportunities for commerce, including finance and innovation.”
This “cautiously optimistic” stance, as described by Tajudeen, reflects a bet that the opportunities of Web3 can outweigh its dangers if managed wisely. Nigeria’s digital currency sector remains less developed than India’s, but the government’s willingness to engage, rather than simply restrict, could set the stage for accelerated growth. The establishment of a dedicated committee signals a desire to craft nuanced policies rather than blanket bans—a sharp departure from India’s more defensive posture.
Both India and Nigeria’s regulatory approaches are being closely watched by policymakers and investors worldwide. With so much at stake, the choices these countries make could ripple far beyond their borders, shaping the global trajectory of digital finance for years to come. Will India’s tough-love strategy and focus on state-backed solutions prove prescient, or will Nigeria’s willingness to embrace innovation yield better results? Only time will tell, but the divergent paths are now clear.
While the world’s two most populous regions wrestle with digital currency policy, Vietnam is grappling with a more immediate crisis—one that underscores the perils of an underregulated crypto market. On October 6, 2025, Colonel Nguyen Duc Long, Deputy Director of the Hanoi Police, addressed growing concerns after media reports that numerous people had lost money investing in the Antex digital currency project. The controversy has only intensified as Shark Nguyen Hoa Binh, a high-profile investor and founder of NextTech/Next100 (which backed Antex), and the project’s development team have traded accusations online.
According to VOV Giao Thong, the Hanoi police have launched a formal investigation, with both the Economic Police Department and Criminal Police Department involved. Authorities have already received at least one official complaint, involving a reported loss of approximately $2,000. Colonel Long assured the public that “anyone who files a complaint will be received and resolved according to regulations, with no forbidden zones.” The police have pledged to notify the public of their findings once the investigation concludes.
Antex, launched in September 2021 and billed as a “Make in Vietnam” blockchain ecosystem, promised a decentralized exchange, e-wallet, and a suite of digital financial services. The project’s initial buzz was fueled by the involvement of NextTech/Next100 and Shark Binh, who lent both capital and credibility. But the promise quickly soured. Soon after launch, Antex’s token value plummeted, wiping out the savings of many small investors. The project then abruptly rebranded as Rabbit Finance, a move that only deepened suspicions about its transparency and intentions.
The Antex saga is not happening in isolation. On October 1, 2025, Vietnam’s Ministry of Public Security announced criminal proceedings against Hoang Huong Pharmaceutical JSC and a web of related companies led by Hoang Thi Huong. Six suspects, including Huong herself and several associates, were arrested on charges of “violating accounting regulations causing serious consequences” under Article 221 of the Penal Code. Others have been barred from leaving their residences as the investigation continues. The authorities have made clear that if new evidence emerges, further charges will follow.
Despite these high-profile scandals, Vietnamese police report progress in maintaining national security and social order. The Ministry of Public Security highlighted a 27.2% drop in social order crimes compared to the same period last year, with over 8,500 cases investigated and more than 17,600 suspects apprehended in the third quarter of 2025 alone. The authorities also noted significant seizures in narcotics cases and ongoing efforts to root out corruption and economic crime.
As the world watches these parallel stories unfold, one thing is clear: the digital currency revolution is no longer confined to Silicon Valley or Wall Street. From New Delhi to Lagos to Hanoi, local realities, regulatory philosophies, and public trust are shaping the future of finance in unpredictable ways. Whether through tough regulation, cautious optimism, or the hard lessons of failed projects, each country is writing its own chapter in the story of Web3. The stakes—measured in fortunes gained and lost, in economic opportunity and public trust—have never been higher.
In this rapidly shifting landscape, the choices made today by governments, investors, and everyday users will echo for years to come, determining not just who profits, but who is protected when things go wrong.