India is playing a perfect antagonist to the crypto industry yet again as its central bank, the Reserve Bank of India (RBI) reportedly seeks to ‘prohibit cryptos’.
India’s apprehension towards crypto since the beginning has been no secret. And now, in a recent statement issued by Nirmala Sitharaman, the Finance Minister revealed that RBI is concerned about the “destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country.”
The statement further highlights recommendations laid down by RBI for ‘framing of legislation’ on crypto industry. RBI even went to the extent of suggesting complete prohibition of cryptocurrencies.
However, the statement also concluded saying that introducing regulation or banning can be put in force only after international bodies evaluate the risks, benefits and evolution of common taxonomy and standards.
Recently, during the G20 Ministerial Symposium, Sitharaman suggested that G20 nations must bring crypto under the purview of automatic exchange of information.
Also read: Telangana’s IT Minister “KTR” Offers to Lobby for the Crypto Industry
