The regulator is concerned that private foreign-currency stablecoins pose risks to national monetary policy. At the same time, rupee-backed stablecoins could lead to a decline in the state’s revenue from fiat currency issuance. They also carry risks to financial stability during periods of market turmoil. However, there are currently no significant stablecoins denominated in Indian rupees. The central bank also noted that foreign crypto exchanges do not allow income disclosure. In particular, fewer than a quarter of Indians who made crypto transactions filed declarations. At the same time, India remains the largest cryptocurrency market, with 39 million users and assets worth $2.1 billion.