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RBI Proposes Complete Crypto Ban

RBI Proposes Complete Crypto Ban, Said Partial Ban Won’t Work

The crypto regulation bill of India is on the way and may be presented by the Indian government in this winter parliamentary session. The whole crypto industry is already in panic due to this bill. The prices of all cryptocurrencies are already down.

RBI (Reserve Bank Of India) Wants Full Crypto Ban

Now a piece of news came from the Reserve Bank of India, according to an article published in Economic Times the central bank of India RBI favors a complete crypto ban. RBI told the board of directors that RBI favors a complete ban on all cryptocurrencies and they also said the partial ban will not work. RBI said the issue of crypto currencies is a serious matter and the government of India is already making additional changes to its previous bill.

On Friday, RBI held a meeting with the central board of directors under the chairmanship of Governor Shaktikanta Das. In this meeting, the board members reviewed the current economic situation. The board members also discussed the aspects related to CBDC (Central Bank Digital Currency).

The board discussed the concerns of trackability of crypto transactions, valuation, high price volatility, legal issues, and identifying participants in transactions. The board member Governor Shaktikanta Das also said cryptocurrencies are a serious threat because they are unregulated by central banks. He also added these currencies are a threat to India’s macroeconomic and financial stability.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 has already bill listed on the 10th position for consideration in this winter parliament session. And according to reports, the government is already planning to regulate cryptocurrencies with the Securities and Exchange Board of India (SEBI). But the government will not allow cryptocurrencies to be used as a payment.

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