India plans to release a discussion paper outlining its policy stance on cryptocurrencies by September, according to Ajay Seth, a senior finance ministry official. Seth did not hint at a commitment to regulating cryptocurrencies through comprehensive legislation, but rather based on a consensus among stakeholders on the matter. The inter-ministerial group includes India's central bank, the Reserve Bank of India (RBI), and market regulator, the Securities and Exchange Board of India (SEBI). The RBI has been opposed to the legalization of cryptocurrencies or stablecoins, instead seeking to ban them because it believes digital assets pose macroeconomic stability risks to emerging countries. The SEBI is not opposed to regulating digital assets, and recently said that the regulatory authority for cryptocurrency trading should rest with multiple agencies.