According to Reuters, the Reserve Bank of India reiterated in a government document that cryptocurrency policy may need to "lean towards banning," and recommended prohibiting banks and financial institutions from holding, trading, or having exposure to crypto assets and privately issued stablecoins to limit risk spillover. India's tax authorities warned that off-exchange and private wallet transactions make it difficult to trace beneficial owners and collect taxes, and that rupee-denominated peer-to-peer transactions increase the difficulty of tracking taxable income. As of the end of May, India had approximately 39 million crypto traders holding about $2.1 billion in digital assets.