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With Indian authorities still unsure of how to handle the crypto industry, the Asian country’s umbrella bank has reportedly made it clear that it would prefer the country to go down China’s path by banning crypto altogether.
RBI insists on banning crypto
According to the Economic Times, the bank made this position clear at its 592nd board meeting, where it shockingly indicated its preference for an outright ban on crypto, citing major concerns for the economy of the country.
An anonymous source familiar with the meeting said the Reserve Bank of India (RBI) highlighted the threats of crypto to the country’s macroeconomic policy and the instability these digital assets could cause. In addition, they mentioned how concerned they were with the management of stock exchanges operating under their jurisdiction.
With all of the above concerns, the RBI has maintained its oft-repeated position that the best way to put its crypto concerns to bed would be a total ban on space.
Notably, this is not the first time that Apex Bank has maintained a high level of hostility towards the industry. In October, the bank’s governor, Shaktikanta Das, said cryptocurrencies, due to their unregulated nature, would pose serious threats to any financial system in the world.
In addition, the bank had managed to ban the space for about 2 years, but this was overturned by a decision of the Indian Supreme Court.
India’s New Crypto Bill
Indian authorities recently proposed a new crypto bill labeled Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
According to a previous report from CryptoSlate:
“The bill was supposed to be presented in the last budget session, but was delayed because the government decided to modify certain sections of the proposed bill. “
Interestingly, Indian Prime Minister Narendra Modi’s Twitter account was recently hacked and used to promote a Bitcoin gift scam.
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