There are several critical reasons for which cryptocurrencies need to be highly regulated in India unless it is a sovereign cryptocurrency.

The RBI had in 2018 issued circular barring banks from trading in cryptocurrencies.

The digital currency, called Libra, is scheduled to launch sometime in the next six to 12 months.

With cryptocurrency or digital currency becoming a world-wide phenomenon, India may not be able to isolate itself from it for long. Like Japan, India will be able to create business opportunity, by regulating it