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Exclusive: India resists full crypto framework, fears systemic risks, document shows - REUTERS
By Nikunj Ohri and Sarita Chaganti Singh
Summary
- Regulating cryptocurrencies would grant them legitimacy, document shows
- A ban cannot tackle peer-to-peer trades, document says
- Use of stablecoins could hurt India's digital payments system, document says
- India maintains partial oversight; tax laws deter speculative crypto trading
NEW DELHI, Sept 10 (Reuters) - India is leaning towards not creating legislation to regulate cryptocurrencies in the country and instead will maintain partial oversight, fearing that bringing the digital assets into its mainstream financial system could raise systemic risks, a government document shows.
The document, seen by Reuters, cites the Reserve Bank of India's (RBI) view that, in practice, containing the risks of cryptocurrencies through regulation would be difficult.
