While the government of India is busy deliberating on whether to create a regulatory framework for bitcoin, a new battle has erupted over which body should regulate the popular digital currency.

The finance ministry recently hosted a meeting to discuss the regulatory framework of digital currencies in the country. The agenda, however, was overshadowed by a disagreement between the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) over which of them gets to control the legislative measures.

RBI considers bitcoin as security rather than currency, which means that it should regulated by SEBI, Business Standard reported. The central bank also proposed that the digital currency be traded as commodity derivatives, just like gold or silver, noting that SEBi should ensure that cryptocurrencies like bitcoin will not be used for illegal activities such as money laundering.

The securities board, however, rejected the proposal.