Индия откладывает законопроект о криптовалютах из-за страха системных рисков Translation: India Delays Cryptocurrency Bill Due to Fears of Systemic Risks

The Reserve Bank of India (RBI) expresses skepticism about the necessity of implementing legislation for the cryptocurrency market, citing challenges in managing risks through regulation. This information was reported by Reuters based on a government document.

Rather than establishing consistent regulations, the authorities plan to maintain partial oversight. They believe that integrating digital assets into the nation’s primary financial model could heighten systemic risks.

Although the RBI acknowledges that regulation would lend «legitimacy» to cryptocurrencies, their «volatile nature» might result in increased speculation. Additionally, the agency would be unable to monitor P2P transfers and transactions on decentralized exchanges.

According to the bank’s estimates, Indians have invested $4.5 billion in various cryptocurrencies, indicating that the use of such assets does not currently pose a «substantial or systemic risk» to financial stability. However, the RBI clarified that the existing limited regulatory clarity, including tax regulations, has helped to mitigate risks.

«Charting a clear path forward or identifying a unified policy approach is challenging,» the document states.

As journalists have explained, international cryptocurrency exchanges can currently operate in India following registration with the local government authority responsible for thorough anti-money laundering risk assessments. Profits from digital assets are subject to punitive taxation.

Despite the lack of comprehensive regulation, Minister for Skill Development and Entrepreneurship, Jayant Chaudhary, has reported the presence of crypto assets in his portfolio for the second consecutive year.

His investments have increased by 19% since the last declaration submitted in 2024, reaching 21.31 lakh rupees (approximately $25,500). His spouse’s investments have also grown by 18%, totaling $26,800.

According to a survey conducted by the Indian exchange Mudrex among over 9,000 individuals, 93% of respondents support the regulation of cryptocurrencies in the country.

«If India seeks to enhance its engagement in the cryptocurrency realm, regulatory clarity is the most crucial factor. The survey revealed that 90% of respondents would invest more if government policies were clearer and taxes more balanced,» the research notes.

It is worth mentioning that India ranked first in Chainalysis’s 2025 cryptocurrency adoption index.