Total crypto ban is difficult to implement, crypto assets should be regulated – Bitcoin News regulation

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A prominent economist on the Indian Monetary Policy Committee said that a total cryptocurrency ban is difficult to implement and “would only increase illegal activity and participation in the darknet.” She believes crypto assets should be regulated.

Monetary Policy Committee Member Says Comprehensive Crypto Ban Is Difficult To Implement

Ashima Goyal, a member of India’s Monetary Policy Committee, spoke about cryptocurrency in an interview with PTI on Sunday. The Monetary Policy Committee (MPC) determines the key interest rate necessary to achieve the inflation target.

Goyal has served on several government committees, including the Prime Minister’s Economic Advisory Board and the Reserve Bank of India (RBI) Technical Advisory Committee for Monetary Policy. She is widely published in the fields of institutional macroeconomics and open economy, international finance and governance.

Responding to a question on cryptocurrencies, she said they should be referred to as crypto tokens instead, as they are not acceptable or adequate as currencies. Additionally, she said they should be banned as legal tender, but regulated as tokens.

Goyal added: “Only large transactions, from risk-aware investors can be authorized,” adding:

A total ban is difficult to implement and would only increase illegal activity and participation in the darknet.

At its recent central board of governors meeting, the RBI urged the government to ban crypto completely, saying a partial ban would not work.

The RBI also recently said that cryptocurrencies are “prone to fraud and extreme price volatility”, stressing that they “pose immediate risks to protecting customers and combating money laundering ( AML) / fight against the financing of terrorism (CFT) ”.

Currently, there is no law specifically for cryptocurrency in India, but the Indian government is working on cryptocurrency legislation. However, a crypto bill that had been listed for consideration during the winter session of Parliament was not passed. The government is said to be reworking the bill.

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Do you think cryptocurrency can be banned completely by the Indian government? Let us know in the comments section below.

Kevin helms

An Austrian economics student, 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.

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