Centre opposes cryptocurrency regulation, backs RBI's digital currency push

The finance ministry has expressed opposition to regulating cryptocurrencies, citing investor risks. In a submission to the parliamentary standing committee on finance, the ministry stated it favours promoting the Reserve Bank of India's Central Bank Digital Currency as an alternative.

The stance reflects the government's preference for a state-backed digital currency over decentralized crypto assets. The RBI's CBDC project has been identified as the preferred path forward for digital financial innovation in the country.