India refuses to fully cryptocurrency regulation, fears systemic risks

PANews September 10th news, according to Reuters, Indian government documents show that India tend not to enact comprehensive legislation to regulate cryptocurrencies, but to maintain partial supervision, worrying that incorporating digital assets into the mainstream financial system may cause systemic risks. The document states that regulatory cryptocurrencies may give it "legality", giving the industry a systemic impact. In addition, a complete ban on cryptocurrencies cannot solve the activities of peer-to-peer trading and decentralized exchanges. India currently imposes punitive taxes on cryptocurrency transactions and enforces laws to curb speculative transactions and illegal activities.