Central bank meeting to ban cryptocurrencies in India?

At its meeting with the Central Bank Council on Friday, the central bank is still working on banning cryptocurrencies in India.

Central bank meeting to ban cryptocurrencies in India?

It was reported that several central bank officials gave extensive presentations on the topic to board members, citing cryptocurrencies as the main cause of the financial instability.

In India, which is preparing to pass a cryptocurrency law, the central bank’s ban efforts continue. It was reported that central bank officials held a meeting with the board on Friday to introduce the board to why cryptocurrencies should be banned.

“It is very difficult to regulate goods originating abroad”

Speaking to the Economic Times from Indian media, one person believed to be aware of the matter said in a statement that the board had been briefed by central bank officials and was forbidden to comment.

He also said he discussed at the meeting that it was difficult to regulate assets of foreign origin with no tangible value:

“Trading in these assets is open on foreign exchanges and can therefore not be regulated. The anonymity of transactions is also a serious problem. “

India cryptocurrency ban or regulation?

Another knowledgeable person, quoted by the Economic Times, said that after the review, some councilors asked for fairer and more objective opinions from those with faces. These members urged the authorities to take into account developments in the technology sector and changes in the financial sector in their assessments.

The central bank’s statement on Friday said that private cryptocurrencies and central bank digital currencies were discussed at the meeting.

Shaktikanta Das, head of the Reserve Bank of India, said in an earlier statement that cryptocurrencies are the cause of financial instability at the macroeconomic level.

They say, “No ban, regulation is coming”

As is well known, a new cryptocurrency law is being prepared in India. Although the law sounds like a “crypto ban law” at first, many officials, including the country’s finance minister, have stated that it is a regulatory measure rather than a planned ban.

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