Markets
India’s Markets Regulator Reportedly Supports Shared Crypto Supervision – Central Bank Differs – DL News
- Reuters reported that India’s markets regulator supported sharing crypto oversight.
- The central bank adopted a tougher stance with a panel that formulated a policy proposal.
- The panel could complete its proposal to the Finance Ministry by June, Reuters said.
India’s markets watchdog, the Securities and Exchange Board of India (SEBI), has proposed to a government panel formulating a policy for the Finance Ministry’s consideration that several different regulators share oversight of crypto trading, according to to documents seen exclusively by Reuters.
The central bank, the Reserve Bank of India (RBI), has taken a tougher stance in maintaining that crypto is a macroeconomic risk, according to another set of documents presented to the panel and also seen by Reuters.
The RBI is also in favor of banning stablecoins, a person with direct knowledge of the panel’s discussions told Reuters.
The person, who did not want to be identified, said the panel could have its report completed by June.
A little of history
The central bank in 2018 banned lenders from dealing with cryptocurrency users or exchanges, which was later overturned by the Supreme Court, the Reuters report noted.
RBI Governor Shaktikanta Das foreseen in 2022 that the next financial crisis would come from crypto: “Our view is that it should be banned because if you try to regulate it and allow it to grow, please mark my words, the next financial crisis will come from private cryptocurrencies.”