00:00India is stepping cautiously into the crypto realm.
00:03A recent government document reveals that authorities are opposed to introducing a sweeping crypto law for now.
00:11The main concern? That fully integrating digital assets into the formal financial system could trigger system-wide risks.
00:19Here are the key highlights.
00:20The Reserve Bank of India argues that mere regulation won't eliminate risks tied to systemic integration.
00:28While some countries like the US and Japan are advancing clearer crypto frameworks, India is opting for a slower, more measured trajectory.
00:41The government recognizes that banning crypto outright won't wipe out decentralized peer-to-peer trading, making enforcement tricky.
00:50Despite these hesitations, cryptocurrency holdings in India total around $4.5 billion.
00:56This is substantial, but not believed to pose a nationwide threat yet.
01:01Stablecoins, especially USD-backed ones, raise red flags for the authorities due to their potential to disrupt established payment systems like UPI.
01:12Why does this matter?
01:13India stands as one of the world's biggest markets for crypto adoption and it's walking a tightrope.
01:20Rejecting full-scale regulation might avoid sweeping market shocks, but it leaves a trust vacuum and uncertainty for investors and startups.
01:31Meanwhile, peer-to-peer trading continues in the shadows.
01:34India's move, or lack thereof, could ripple across the region, influencing Southeast Asia and South Asia's growing crypto scenes.
01:44India's move, or worse...
01:45India's move, or not only a Organization of world's biggest markets would ัะฐะบะพะต for
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