India to release its cryptocurrency policy stance in September

BlockBeats news, July 25, according to CoinDesk, Ajay Seth, a senior official of the Indian Ministry of Finance, said that India plans to release a discussion paper by September outlining its policy stance on cryptocurrencies. Seth did not imply a commitment to comprehensive legislation to regulate cryptocurrencies, but rather a position based on the consensus of stakeholders on the matter.

A cross-departmental group is working on a broader cryptocurrency policy, which includes the Indian central bank, the Reserve Bank of India (RBI) and the market regulator Securities and Exchange Board of India (SEBI).

The Reserve Bank of India has always opposed the legalization of cryptocurrencies or stablecoins, and instead tried to ban them because it believes that digital assets pose macroeconomic stability risks to emerging countries.