RBI Wants Govt To Ban Crypto Currencies

Investing Finances

RBI is looking to ban cryptocurrencies in India but needs global support to bring it into action.

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Cryptocurrencies are unregulated in India however, the government is in midst of consultations to draft legislation regulating it.

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Nirmala Sitharaman said that the RBI is in favour of banning cryptocurrencies, fearing their destabilizing impact on monetary and fiscal stability.

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Concerns expressed by RBI on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country

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Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage

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The government declared that the bill shall be announced by May 2022. But the bill is still awaited.

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The government has so far refused to make any public comments on cryptocurrencies, because of the confusion over their classification.

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She also stated that a circular released by RBI on April 6, 2018, where RBI states to prohibit its regulated entities from dealing in virtual currencies (VCs).

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