RBI Governor Sanjay Malhotra Restates Crypto Caution on Bitcoin (BTC) at Kautilya Economic Conclave
Key Takeaways
- •RBI Governor Sanjay Malhotra reaffirmed the central bank's cautious position on cryptocurrencies at the Kautilya Economic Conclave in New Delhi on October 3.
- •The RBI's long-standing reservations about private cryptocurrencies are based on financial stability, monetary policy, and investor protection concernsThe central bank continues developing the digital rupee, with wholesale and retail pilot programs running since late 2022.
- •India regulates crypto through taxation and compliance rather than a dedicated law, including a 30% tax on virtual digital asset gains since April 2022 and a 1% tax deducted at source on transfers.
- •Crypto service providers have been required to register with the Financial Intelligence Unit under anti-money-laundering rules since March 2023.
COINOTAG — October 4, 2026
Reserve Bank of India (RBI) Governor Sanjay Malhotra, at the helm of the central bank since December 2024, restated its caution toward cryptocurrencies on October 3, speaking at the Kautilya Economic Conclave in New Delhi. The finance ministry scheduled the conclave to run through October 5.
The restatement sits within a long-running public record: the RBI has repeatedly voiced reservations about private cryptocurrencies, citing financial stability, monetary policy, and investor protection concerns, even as it advances its own central bank digital currency, with wholesale and retail pilots of the digital rupee running since late 2022.
India's approach, he told attendees, "stays…" — the point at which the published excerpt breaks off. His complete remarks can be read in the original COINOTAG report.
India's crypto framework to date has rested on taxation and compliance rather than a dedicated law: gains from virtual digital assets have been taxed at 30% since April 2022, a 1% tax is deducted at source on transfers, and crypto service providers have been required to register with the Financial Intelligence Unit under anti-money-laundering rules since March 2023.
This content was first published on COINOTAG: RBI Governor Malhotra Restates Crypto Caution on Bitcoin (BTC) at October 3 Conclave
