Will the RBI, under Malhotra, have a rethink on crypto?

It may be sheer coincidence that on the day the new Reserve Bank of India (RBI) governor took charge, the chief economic advisor (CEA) gave a veiled message to regulators on promoting innovations including cryptocurrencies.

Speaking at the Confederation of Indian Industries' (CII) Global Economic Policy Forum 2024 on December 11, the CEA said that regulators “should not stand in the way of innovation — whether crypto or online gaming”.

“In India, where there is extensive financial illiteracy, regulators need to

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