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The central bank official shared his no-holds-barred opinions on risks and regulatory challenges posed by cryptocurrencies.
The lack of norms makes it difficult to judge the legality of crypto transfers abroad, lawyers speaking to MediaNama noted.
The government continues to hold deliberations while India's unregulated, burgeoning crypto industry watches closely.
While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.
The government had taken issue with promises of wild profits made by crypto ads that will now have to carry disclaimers.
It also gave the government pointers on how to decide taxation of crypto assets, starting with its classification under the law.