India's SEC Favors Crypto Monitoring Over Banning, RBI Disagrees
CryptoNewsTerminal Staff16 May, 2024
India's SEC Favors Crypto Monitoring Over Banning, RBI Disagrees
Regulating cryptocurrency trading in India has become a hot topic of debate, with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) holding differing views on the matter. According to a report by Reuters, SEBI has recommended a "multi-agency oversight mechanism" for regulating crypto trading in the country. This approach would involve multiple government agencies working together to monitor and regulate the industry. SEBI's stance is in contrast to the RBI's "banning" stance, which argues that private cryptocurrencies pose macroeconomic risks and should be banned, along with stablecoins. The differing views between SEBI and the RBI highlight the complex challenges involved in regulating cryptocurrencies. While SEBI is open to allowing individuals to use cryptocurrencies, the RBI remains concerned about the potential risks to the financial system. It remains to be seen how the Indian government will resolve the differing views between SEBI and the RBI. However, the debate is likely to continue as the government considers the best way to regulate cryptocurrencies in the country.
