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India is leaning towards not creating legislation to regulate cryptocurrencies in the country and instead will maintain partial oversight, fearing that bringing the digital assets into its mainstream financial system could raise systemic risks, a government document shows.
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The bill introduces new legal definitions, including stablecoins, backed by fiat, and RWA tokens. It also provides for the creation of a state crypto reserve and the launch of government mining operations using state infrastructure and resources.
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