concerned

Switch 2 is so hot right now. So much so that Sony Interactive Entertainment president and CEO Hideaki Nishino was asked if the PlayStation team is worried about the system’s increased performance and third-party support, possibly leading to tougher competition for PS5. The answer boiled down to: Not really.

Nishino discussed the Switch 2 during a Sony business presentation, where he even touched on PS6 (but not in name) and cloud gaming. Switch 2 set a new record for fastest-selling system of all time, with Nintendo stating it sold 3.5 million consoles in four days. Nishino said successful launches like this can be a boon for everybody. He noted that “catalysts in the market are great for the industry as a whole, as they invigorate the excitement and demand more broadly,” per VGC.

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The PlayStation executive also conveyed confidence in the PS5 as a whole, especially when it comes to gaming on a TV. “PlayStation 5 is designed for an immersive gaming experience, and this includes the innovative DualSense controller features as well. We believe PS5-level performance is required to achieve a great experience on big screens. And in this way, we have provided a unique offering for players and creators in this current console generation.”

However, Sony is reportedly developing a PS5 portable system, possibly designed to compete with Switch 2 and Steam Deck. In the 2000s and 2010s, Sony battled in the handheld market space against Nintendo with the PSP and PS Vita.

Sony leadership didn’t just talk about Switch 2, though. Herman Hulst, who’s CEO of the studio business group at Sony Interactive Entertainment, said that the company remains committed to live-service games. Bungie’s Marathon is next up in that department for PlayStation, and it’s set to release September 23.

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Addressing a media briefing after the central bank’s Monetary Policy Committee (MPC) meeting, Malhotra said there is currently no new development regarding cryptocurrencies. His statement came in response to a question about the Supreme Court’s recent observations on the need for a clear regulatory framework for crypto.

“There is no new development as far as crypto is concerned. A committee of the government is looking after this,” the RBI Governor said. “Of course, as you are aware, we are concerned about crypto because that can hamper financial stability and monetary policy.”

🚨 🇮🇳 BREAKING: New RBI Governor Sanjay Malhotra holds the line on crypto:

💬 “We’re concerned. Crypto could shake financial stability & monetary policy.” pic.twitter.com/PIecrpNEbo

— The Crypto Times (@CryptoTimes_io) June 8, 2025

Last month, the Supreme Court pulled up the Centre for the lack of a clear policy on cryptocurrencies. A bench comprising Justices Surya Kant and N Kotiswar Singh asked why the government had not yet come out with a definite regulatory stance. The court was hearing a bail application in a case involving illegal Bitcoin trading, where the accused, Shailesh Babulal Bhatt, was arrested in Gujarat.

Right now, cryptocurrencies aren’t illegal in India, but they aren’t fully regulated either. That means there’s no specific law that bans them, but there’s also no proper framework to govern how they’re used. For now, crypto is mainly watched under anti-money laundering rules.

In 2022, the government introduced a 30% flat tax on any profits made from crypto trading. On top of that, a 1% tax is deducted at source (TDS) for every transaction. If you’re using a crypto exchange, GST is also charged on their services. But just because crypto is being taxed doesn’t mean it’s officially legal; there’s still no clear law declaring it so.

To fix this regulatory gap, the government is working on a discussion paper that will lay out possible rules for crypto in India. An inter-ministerial group (IMG), which includes members from the RBI, SEBI, and the Finance Ministry, is studying global practices to help shape India’s approach. Once the paper is out, people and industry stakeholders will get a chance to share their views before any policy is finalized.

India’s crypto policy has had its ups and downs. Back in 2018, the RBI had told banks not to offer services related to crypto. But in 2021, the Supreme Court struck that down, saying it wasn’t legal to impose such a ban. That ruling was seen as a win for the crypto community.

Even with that decision, the legal status of crypto in India remains unclear. The Supreme Court recently urged the government to come up with a clear-cut policy, especially as concerns grow about illegal crypto activities. At the same time, the RBI has continued to warn that cryptocurrencies could be a risk to the country’s financial stability.

Also Read: India Can Lead the Web3 Wave With Clear Rules: Sumit Gupta

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Sony Doesn’t Sound Too Concerned About Switch 2, Even After A Record-Breaking Debut

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“We are concerned about crypto,” says RBI Governor Malhotra