India plans to avoid a complete law on cryptography for the moment, keeping partial surveillance to prevent the granting of the “legitimacy” of cryptography which could make it systemic, according to a government document. The note echoes RBI’s warning that cryptographic risk regulation is difficult in practice; High taxes and the recording of the LMA will continue, while the authorities closely look at the impact of the stablecoins of the dollar on UPI and financial stability. Current Indian crypto assets ($ 4.5 billion) is not yet considered a systemic threat.
