India's Central Bank Weighs Total Ban on Crypto
Pexels.com/Darshak Pandya
Main page News, India, Crypto Market, Cryptocurrency, Regulations
Hot topic
Dec. 18, 2021
131 131

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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

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.

India to Launch CBDC in Phased Manner: Report

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error
Close