India remains cautious about privately issued cryptocurrencies because of potential risks to monetary sovereignty, monetary policy, capital flows and the singleness of money, RBI Governor Sanjay Malhotra said at the Kautilya Economic Conclave in New Delhi on Oct. 3. The Reserve Bank of India is instead supporting distributed ledger technology, tokenization and central bank digital currency projects, including programmable digital-rupee systems and tokenized certificates of deposit and corporate bonds. Malhotra said India already has fast, low-cost domestic payments, making cross-border transfers the more difficult challenge. The RBI is examining CBDCs and links between regulated payment systems as alternatives for international settlement. India has not enacted a comprehensive crypto law, while tax, reporting and anti-money-laundering rules remain active. The Financial Intelligence Unit-India issued notices to 15 virtual asset providers in September over registration and compliance requirements, including requests to remove applications and URLs accessible to Indian users. Government documents reviewed in July indicated that the RBI favored a policy direction leaning toward prohibition and wanted regulated banks and financial institutions insulated from crypto assets and privately issued stablecoins.