The Reserve Bank of India (RBI), the central bank of the country, is considering a complete ban on cryptocurrencies, the Economic Times has learned, citing people familiar with deliberations.
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According to the report, the central bank made a detailed presentation to the board showing "serious concerns" about how cryptocurrencies affect the macroeconomic and financial stability of India. While details remain undisclosed, one of the sources close to the RBI told the ETF that the watchdog emphasized the challenge of regulating intangible assets that originate overseas.
The source also added that the RBI is concerned about uncontrolled turnover of cryptocurrencies on foreign exchanges, citing the anonymity of transactions. The move comes shortly after reports said that India's Securities and Exchange Board (SEBI) wants to require Indian citizens to disclose information about their cryptocurrency holdings and transfer assets to regulated trading platforms.
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