Odaily News The Securities and Exchange Board of India (SEBI) has recommended that multiple regulators regulate cryptocurrency trading, a stance that contrasts with the Reserve Bank of India's (RBI), which believes that private digital currencies represent a macroeconomic risk. Both sets of documents seen by Reuters have been submitted to a government panel tasked with formulating policies for the finance ministry to consider. SEBI's stance has not been previously reported. India has taken a tough stance on cryptocurrencies since 2018, when the central bank banned lenders and other financial intermediaries from dealing with crypto users or exchanges, a move later struck down by the Supreme Court. The RBI still supports a ban on stablecoins, according to a person with direct knowledge of the panel's discussions, which plans to finalize its report as early as June. However, SEBI suggested in its submission to the government panel that different regulators should oversee activities related to cryptocurrencies that fall under their jurisdiction and that a single unified regulator for digital assets should be avoided. SEBI said it could monitor cryptocurrencies in the form of securities as well as ICOs. (Reuters)