SEBI started monitoring crypto tokens that resemble securities from April 1, 2025, as part of a multi-agency regulatory model involving RBI, SEBI, and the Finance Ministry. This aligns with India's move toward a structured regulatory approach. RBI Deputy Governor T. Rabi Sankar states that Bitcoin has no intrinsic value and is purely speculative, while Commerce Minister Piyush Goyal confirmed the government doesn't encourage cryptocurrencies without sovereign backing, with plans for an RBI-backed digital currency to eventually replace normal currency.