Regulation
SEBI vs RBI: Diverging Views on Crypto Regulation in India
Unlike the RBI, India’s market watchdog SEBI is willing to supervise cryptocurrency trading. However, the RBI maintains that private digital currencies pose macroeconomic risk. In 2021, the government had prepared a bill that would have banned cryptos, although the bill has not yet been tabled. Last year, India called for a global framework to regulate these assets. SEBI has recommended avoiding a single unified regulator for digital assets and suggested it could monitor crypto that takes the form of securities and ICOs. He also added that the RBI should regulate crypto assets backed by fiat currencies.