A corresponding proposal is being considered by the Reserve Bank of India.

India May Ban Cryptocurrencies

The Central Bank of India made a presentation to its central board highlighting the regulator’s concerns regarding the circulation of cryptocurrencies. This is reported by The Economic Times, citing the bank’s sources. The presentation also described the risks associated with the regulation and circulation of cryptocurrencies to the country’s macroeconomic and financial stability. The main recommendation is a complete ban on cryptocurrencies. 

The regulator’s proposal did not meet with the approval of all board members. Some seek a more balanced approach to regulating the crypto industry. 

The Indian government has not yet reached a consensus on the regulation of cryptocurrencies, which will be reviewed in February 2022. In addition, the government recently announced an initiative to create a “national blockchain.” 

Author: Mark Wallerstein
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