The Indian Securities and Exchange Commission (SEC) has taken a different stance than its central bank, advocating for joint regulation of cryptocurrencies with multiple agencies

The Securities and Exchange Board of India (SEBI) has recommended that multiple regulators jointly regulate cryptocurrency trading, a stance that contrasts with the Reserve Bank of India (RBI), which believes that private digital currencies represent a macroeconomic risk. India has taken a tough stance on cryptocurrencies since 2018, when the central bank banned lenders and other financial intermediaries from dealing with crypto users or exchanges, but the move was later struck down by the Supreme Court. The RBI still supports a ban on stablecoins, according to a person with direct knowledge of the panel's discussions. However, SEBI recommended in its submission to the government panel that different regulators should oversee activities related to cryptocurrencies that fall under their jurisdiction and that a single unified regulator for digital assets should be avoided. (Reuters)