India’s central bank calls for a complete ban on cryptocurrency “Crypto Insiders”

The voices coming from India regarding the possible regulation of the crypto sector are Not entirely positive. Where previously a path of legalization was likely to be taken in conjunction with clear regulations, it increasingly appears that a blanket ban is on the way. In any case, India’s central bank has made it clear that it is behind the blanket ban.

Reserve Bank of India

An anonymous source has reported that the country’s central bank, the Reserve Bank of India (RBI), has informed the authority’s board of directors that it is behind a blanket ban on cryptocurrencies in India. Economic times.

During an extensive presentation, the Board was informed that this would be the case. Among other things, cryptocurrencies can jeopardize macroeconomic stability, and the management of cryptocurrency exchanges has been widely discussed.

According to the Central Bank, it is almost impossible to properly regulate the digital asset sector. Often this also relates to assets that originated abroad. The fact that transactions are not always traceable is also a thorn in the side of the Reserve Bank of India.

However, not all the RBI board members agreed with the bank’s position. For example, there was favored a moderate approach to encryption You will see the industry. However, the official position of the Reserve Bank of India (RBI) remains that a blanket ban on the crypto industry is the way to go.

Government of India

Of course, such a decision remains with the Indian government. After extensive deliberations, the Indian Parliament will make a final decision on the status of the crypto sector in the country in the near future.

In the end, it will be the last word of Prime Minister Narendra Modi. Since the period He still looks somewhat positive about the potential of the cryptocurrency industry. He suggested at the time that governments around the world should work together to organize the revolutionary sector.