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Reserve Bank of India (RBI) May Want Complete Ban on Cryptocurrencies

There’s currently many concerns in the India crypto community as the draft bill is still under process. But, it is still uncertain on what the government has in mind, another FUD or an outright China-like move for crypto in India.

Furthermore, as per Economic Times insider reports, yesterday’s meeting of the Central Board of Directors of Reserve Bank of India (RBI) ends in bitterness. Especially, when RBI makes suggestions for an absolute ban on cryptocurrencies.

Notably, the RBI’s anti-crypto stance gains massive attention by its long standing argument. Of course, stating that crypto is a threat to macroeconomic and financial stability.

Additionally, issues regarding anonymity of transactions and regulation of
“intangible assets that originate overseas”
is also an issue.

Furthermore, Earlier this month, Sitharaman already is calling for global regulatory support as regards crypto’s borderless nature. Then, She mentions that “technology has the power to sweep through borders”. Of course, this means that normal national measures will never be enough.

More so, Sitharaman states concerns on the “ever-evolving” crypto, making it impossible for Reserve Bank of India (RBI). The government Want Complete Ban on Cryptocurrencies to gain control over it.

Then, Sitharaman says,
“I am not sure they (government) can ever be on-the-top-of-it-kind of situation…”
“because it is ever changing and it is ever evolving.”

Lastly, there’s so much concern as regards the India draft bill still on delay. Of course, this could mean that the incomplete draft may be signaling an outright ban on crypto over regulations. For now, all fingers crossed.

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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.