In contrast to the RBI, India’s market watchdog, SEBI, is open to overseeing crypto trading. However, the RBI maintains that private digital currencies pose a macroeconomic risk. In 2021, the government had prepared a bill that would have banned cryptos, although the bill has not yet been introduced. Just last year, India called for a global framework to regulate such assets. SEBI recommended that a single unified regulator for digital assets be avoided and suggested that it could monitor crypto that takes the form of securities and ICOs. It also added that the RBI should regulate crypto assets backed by fiat currencies.

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