A well-known economist who is a member of the Indian Monetary Policy Committee said that a comprehensive ban on cryptocurrency is difficult to implement and “will only increase illegal activities and dark web participation.” She believes that crypto assets should be regulated.

Members of the Monetary Policy Committee say it is difficult to implement a complete ban on cryptocurrencies

Ashima Goyal, a member of the Indian Monetary Policy Committee, talked about cryptocurrency in an interview with PTI on Sunday. The Monetary Policy Committee (MPC) determines the policy interest rate needed to achieve the inflation target.

Goyal has served on various government committees, including the Prime Minister’s Economic Advisory Committee and the Reserve Bank of India (RBI) Monetary Policy Technical Advisory Committee. She has published extensively on institutions and open economy macroeconomics, international finance and governance.

When answering questions about cryptocurrencies, she said that they should be called cryptocurrencies because they are unacceptable or inappropriate as currencies. In addition, she said that they should be banned as legal tender, but regulated as tokens.

Goyal added that “only large transactions by investors who are aware of risks may be allowed,” and elaborated:

A total ban is difficult to implement, and will only increase illegal activities and dark web participation.

At the recent Central Council meeting, the Reserve Bank of India urged the government Encryption is completely prohibited, The statement partial prohibition will not work.

The Reserve Bank of India recently also Say Cryptocurrencies are “prone to fraud and extreme price fluctuations,” and emphasized that they “posed direct risks to customer protection and anti-money laundering (AML)/combating the financing of terrorism (CFT).”

Currently, India does not have a law specifically for cryptocurrency, but the Indian government is formulating cryptocurrency legislation. However, an encryption bill that was included for consideration at the winter meeting of parliament was not adopted.According to reports, the government is now Rework bill.

Do you think the Indian government can completely ban cryptocurrencies? Please let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.