Reserve Bank of India (RBI) Deputy Governor, SS Mundra, called for “appropriate regulatory changes” to accommodate the oversight of cryptocurrency. Mr. Mundra hinted at a comprehensive and multi-facetted regulatory framework, reminiscent of New York’s BitLicense, when referencing “…concerns around orderly growth of the system, consumer protection and grievance redressal, disaster recovery and business stability plans…” Further, he called for information sharing among regulators and the need to ensure consumer security. Mr. Mundra appears to suggest regulators advance a broader and more aggressive entry, rather than the traditional approach of starting with AML regulatory guidance. Tempering the likelihood of near-term regulatory actions, Mr. Mundra’s boss, RBI Governor Raghuram Rajan, indicated in a recent statement that the Reserve Bank does not wish to interfere at this stage due to India’s relatively small cryptocurrency marketplace. The RBI has remained in a holding pattern since first voicing its wariness of cryptocurrency back in 2013.
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