India plans to avoid a full crypto law for now, keeping partial oversight to prevent granting crypto “legitimacy” that could make it systemic, a government document shows. The note echoes RBI’s warning that regulating crypto risks is hard in practice; high taxes and AML registration will continue, while authorities closely watch dollar‑pegged stablecoins’ impact on UPI and financial stability. Current Indian crypto holdings ($4.5B) aren’t seen as a systemic threat yet.
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