Regulation
SEBI vs. RBI: Differing Views on Cryptocurrency Regulation in India
Unlike the RBI, India’s market watchdog, SEBI, is open to supervising cryptocurrency trading. However, the RBI argues that private digital currencies pose a macroeconomic risk. In 2021, the government had prepared a bill that would ban cryptocurrencies, although the bill has not yet been tabled. Just last year, India called for a global framework to regulate such activities. SEBI recommended avoiding a single unified regulator for digital assets and suggested monitoring cryptocurrencies in the form of securities and ICOs. He further added that the RBI should regulate cryptocurrencies backed by fiat currencies.