India's Central Bank Remains Wary of Crypto While Backing Tokenization
India’s central bank reiterated caution toward cryptocurrencies while supporting tokenization-related initiatives. The same policy stance also included CBDC pilots and digital bonds, alongside concern about monetary and capital-flow risks.
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Users and businesses watching India’s digital-asset policy would see the central bank holding its skeptical line on cryptocurrencies while still supporting tokenization-linked work. That means the institutions around payments and market infrastructure are not getting a broad green light for crypto, even as some adjacent digital projects remain in view.
In practice, the boundary between crypto and other digital finance tools stays visible in the RBI’s stance. Tokenization, CBDC pilots, and digital bonds remain backed, while the cautious approach toward crypto tied to monetary and capital-flow risks remains in place.
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