Although the Indian Supreme Court earlier ruled to deny the ban and overturn the decision of the Reserve Bank of India (RBI), the latter is still lobbying and threatening.
Recently, the Central Bank of India (RBI) reported its support to the Central Council in favor of a complete ban on cryptocurrencies in India.
According to informed sources of “Economic Times”(RBI) gave a detailed presentation at the recent Board of Directors meeting, where he emphasized the significant negative concerns of cryptocurrency trading and its impact on the country’s financial stability.
The RBI also highlighted the problems of managing cryptocurrency exchanges.
As we were told at the beginning of the article, the Reserve Bank of India is sticking to its tough stance on cryptocurrencies.
According to the Central Bank of India, the nature of cryptocurrencies, and the fact that they allow anonymity of transactions via foreign trading platforms, poses a serious threat to the Indian economy.
Previously, Reserve Bank of India Governor Shaktikanta Das told the central bank that the central bank has reported problems around cryptocurrencies several times and wants the government to strictly consider its complete ban on cryptocurrencies in the country.
The Reserve Bank of India insists on its negative view of cryptocurrencies:
It appears that the Reserve Bank of India does not want to present a balanced view of cryptocurrency adoption in India.
The Reserve Bank of India relentlessly highlights the negative aspects of cryptocurrencies and completely shuts down any optimistic view of decentralized digital currencies.
Last month, the Indian government included a cryptocurrency regulation bill that will be introduced in the winter session of Parliament to request a complete ban on cryptocurrencies.
Although it was included to be heard at the budget session, the government had a second thought and did not introduce the bill.
There have been reports that the government will seek to regulate crypto in India, rather than impose a complete ban.
For now, it appears that the Indian government will seek broader consultations before making any significant decisions.
If the proposed bill is passed, the government will consider creating an official digital currency issued by the Reserve Bank of India.
Therefore, it is quite clear why the RBI supports the idea of a complete ban of cryptocurrencies.
The same aforementioned sources also highlighted that the Central Board discussed many aspects of potential digital currencies and RBI digital currencies.
The Indian crypto community is very concerned about this whole dilemma.
It is still not clear if all these discussions are just intimidation and restraint or if the Indian government will actually go ahead with a complete ban on cryptocurrencies like China.
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