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A member of India’s Monetary Policy Committee believes that a total cryptocurrency ban would be difficult

In an interview with PTI on Sunday, Ashima Goyal, a member of India’s Monetary Policy Committee, discussed bitcoin. The policy interest rate a to meet the inflation objective is by the Monetary Policy Committee (MPC).

Goyal has served on a number of government bodies, including the Prime Minister’s Economic Advisory Council and the Reserve Bank of India’s (RBI) monetary policy technical advisory council. In institutional and open economy macroeconomics, international finance, and governance, she has published widely.

In response to a query concerning cryptocurrencies, she states that they should be crypto tokens rather than currencies because they are neither acceptable nor suitable as currencies. She then states that they should on prohibition as legal cash but regulated as tokens.

Goyal adds, “Only large transactions, from investors who are aware of the risks, may be have permission,” elaborating:

“A total ban is difficult to implement and would only increase illegal activities and participation in the darknet.”

More so, The Reserve Bank of India (RBI) recently encouraged the government to outright ban cryptocurrency, claiming that a partial ban would be ineffective.

So, The Reserve Bank of India recently stated that cryptocurrencies are

“prone to fraud and excessive price volatility,” and that they

“pose immediate concerns to customer protection and anti-money laundering (AML) / counter-terrorist financing (CFT).”

In India, there is currently no regulation to cryptocurrencies, however the Indian government is working on it.

However, a crypto bill for debate during parliament’s winter session was not taken up. The law is currently under rework by the government, according to reports.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.