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