RBI Is Still Aiming At A Crypto Ban, Says Finance Minister

Finance Minister of India, Nirmala Sitharaman has revealed that Reserve Bank Of India insists a ban on cryptocurrency. Despite making their stance on digital asset clear, India continues to seek global collaboration for imposing the ban.

The government should come up with clear regulations however, the status of the ban remains murky considering the support from international collaboration is yet to be extended. Due to constant queries regarding the status of cryptocurrencies, Finance minister Nirmala Sitharaman quoted,

RBI is of the view that cryptocurrencies should be prohibited. Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.

Earlier, Shaktikanta Das, The RBI Governor has spoken about the problems that surround digital assets by raising questions about the fundamentals of the technology and the use cases.

RBI Considers Crypto To Be ‘Real Danger’

It has been quite earlier since 2008 that RBI has never been in favour of adopting the virtual currency. RBI Governor has gone to an extent of explicitly calling digital assets ‘real danger’ to the financial system.

The reason behind calling crypto ‘real danger’ is tied to the traditional financial system…

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