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Reserve Bank of India asks the board to impose a total ban on cryptocurrencies

Reserve Bank of India asks the board to impose a total ban on cryptocurrencies

The Reserve Bank of India (RBI) has told its central board that it supports a complete ban on cryptocurrencies, according to Finbold.

India's central bank made a lengthy presentation to the board, pointing out “serious concerns”about macroeconomic and financial stability as well as foreign exchange management, according to a source who spoke to The Economic Times. According to the source, “the board has been briefed on the RBI's position on this issue”. In addition, the central bank has emphasized the difficulty of regulating intangible assets with foreign origins. RBI officials said they could be traded on foreign exchanges, citing concerns about the secrecy of transactions, according to another source. A second person said some board members wanted a more balanced view of these digital assets, taking into account technological advances and broader implications for the financial sector. The Reserve Bank of India released a statement Friday that said the following: “The Board also discussed various aspects related to the Central Bank's digital currency and private cryptocurrencies”. Notably, the bill on cryptocurrencies and regulation of official digital currencies 2021 was included in the government's list of bills to be introduced in the Lok Sabha during the winter session of parliament. Previously, the bill was also scheduled to be introduced during the budget session, but this could not be done as the administration decided to reconsider it.

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