India resists full crypto framework, fears systemic risks, document shows

India is leaning towards not creating legislation to regulate cryptocurrencies in the country and instead will maintain partial oversight, fearing that bringing the digital assets into its mainstream financial system could raise systemic risks, a government document shows.

The document, seen by Reuters, cites the Reserve Bank of India’s (RBI) view that, in practice, containing the risks of cryptocurrencies through regulation would be difficult.