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According to reports, the Reserve Bank of India (RBI), the central bank of India, has told the central board of directors that it is in favor of a complete ban on cryptocurrencies and stated that a partial ban will not work. The Central Bank reiterated its serious concerns about cryptocurrencies. At the same time, it is reported that the Indian government is making additional changes to the encryption bill.
The Reserve Bank of India wants a total ban on encryption, saying that partial bans will not work
The Reserve Bank of India (RBI) held its 592th Central Board Meeting on Friday under the auspices of Governor Shaktikanta Das. The Central Committee is the highest decision-making body of the highest bank.
The Board of Directors reviewed the current domestic and global economic situation, changing challenges and remedial measures. The directors also discussed various aspects related to cryptocurrency and central bank digital currency (CBDC).
According to reports, the Reserve Bank of India stated at the meeting that it was in favor of a total ban on cryptocurrencies and pointed out that a partial ban would not work. The Economic Times quoted an unnamed source familiar with the deliberations.
Senior officials of the Reserve Bank of India highlighted several issues related to encryption, including transaction traceability, valuation, extreme price fluctuations, legal issues, and identification of transaction participants.
Governor Shaktikanta Das reiterated his anti-crypto stance, emphasizing that cryptocurrencies are a serious threat to any financial system because they are not regulated by the central bank.
Das repeatedly stated that the central bank has Serious concern Regarding cryptocurrencies, it is said that they pose a serious threat to India’s macroeconomic and financial stability.
“There needs to be more in-depth discussions (about encryption). When the central bank expresses its deeper concerns about macroeconomic and financial stability, the issues involved are much deeper,” the central bank governor said in October.
The cryptocurrency and supervision of the official digital currency bill of 2021 have been included in the winter meeting of Lok Sabha, the lower house of the Indian Parliament.According to reports, the government is planning adjust Encrypted assets with the Securities and Exchange Commission of India (SEBI) as the main regulatory agency, but Prohibit the use of cryptocurrency for payment. But there is news that the government still Rework Bill and may introduce it at budget meetings.
At the same time, the Reserve Bank of India is also studying the digital rupee and plans to implement it in phases. The central bank said last week that there will be two types of CBDC: wholesale and retail. “Wholesale-based CBDC has done a lot of work, while retail is a bit complicated and takes more time. We will release a pilot, whichever is first prepared,” explained T. Rabi Sankar, Deputy Governor of the Reserve Bank of India.
Do you think the Reserve Bank of India will persuade the Indian government to completely ban cryptocurrencies? Please let us know in the comments section below.
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