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The Securities and Exchange Board of India (SEBI), plus officials from the Ministry of Finance, Ministry of Electronics and Information Technology and the Reserve Bank of India (RBI), are on a panel tasked with determining the legal oversight for cryptocurrencies such as bitcoin, Chairman Ajay Tyagi said.
"There has to be a process or law, only then can you take action," Tyagi told reporters on the sidelines of a Confederation of Indian Industry conference in Mumbai.
India currently has no regulation for cryptocurrencies, and like other global policymakers, it is seeking to understand how to supervise a market that many feel is a speculative bubble.