India is not keen to introduce a dedicated cryptocurrency law, and instead plans to maintain limited oversight of the sector, citing systemic risks, mentions a government document reviewed by Reuters.
The Reserve Bank of India (RBI), according to the note, stated that managing risks linked to digital assets through regulation would be difficult. Formal regulation could effectively grant cryptocurrencies “legitimacy” and “may cause the sector to become systemic”.
The government document observes that while an outright ban might curb what it calls the “alarming” risks from speculative assets, such a step would not prevent peer-to-peer transfers or trading on decentralised platforms.
CLICK TO READ MORE
