Indian Central Bank conveys to its Central board to ban crypto

Indian Central Bank conveys to its Central board to ban crypto 2

Reportedly Reserve Bank of India held a discussion meeting with the Central Board and suggested to ban on crypto-assets to avoid any kind of financial challenges because of cryptocurrencies.

According to a report by the Economic Times, RBI conveyed to its central board that RBI is fully in favor of banning crypto assets in India. 

RBI mainly highlighted the main things that are associated with crypto adoption. 

ET report also revealed that one person said that RBI has big concerns over the negative use cases of the Crypto assets like illicit crypto transactions anonymously.

Previously, RBI governor- Shaktikanta Das said that crypto assets are big issues and these may end up in huge financial instability.

“Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint…As the central banker, we have serious concerns about it and we have flagged it many times.”

In Friday’s statement, RBI pointed out the matters of CBDCs and private crypto assets. RBI added:

“The board also discussed various aspects relating to the Central Bank Digital Currency and private cryptocurrencies,”

Heat of Crypto bill 2021 

In the full month of November this year, a whole crypto community of India was under the heat of Crypto bill 2021. 

In the very starting, many reports claimed that Crypto bill 2021 of India is seeking to ban crypto assets. But later many reports confirmed that the bill is still in the private domain and pre-assumptions about the bill are unfair. 

A local news media channel, NDTV, also reported that they got information from the internal sources that India’s crypto 2021 bill has provision to regulate the crypto assets and the Indian financial Regulatory body will regulate the local crypto exchanges with the prohibition of foreign crypto exchange operations.

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