 "Regulation is key")
The government’s move to introduce a Cryptocurrency Bill in the Budget session is welcome. Regulators such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India do not have a legal framework to directly regulate cryptocurrencies, which fall in a grey area — they are neither currencies, nor assets or securities issued by an identifiable user and the existing laws are inadequate to deal with them. It will also be a progressive step if the RBI introduces a digital fiat currency, and various blockchain start-ups are backed by supportive policy.
However, the government should not go
