India Hesitates to Enact Cryptocurrency Regulations Due to Concerns Over Financial System Impact

The Indian government appears to be hesitating to enact cryptocurrency regulations due to fears of systemic risks, as reported by Reuters on the 10th. According to government documents obtained by Reuters, the Indian government believes that regulating cryptocurrencies would legitimize the sector and could potentially 'systematize' it, raising concerns about its impact on the broader financial system. On the other hand, while a complete ban on cryptocurrencies could address the 'concerning' risks primarily associated with speculation, it would not be effective in regulating peer-to-peer (P2P) transfers and transactions on decentralized exchanges...