Indian Central Bank RBI favors complete ban on crypto, says that a partial ban does not work-regulation
Indian Central Bank RBI favors complete ban on crypto, says that a partial ban does not work-regulation
The Indian Central Bank, the Reserve Bank of India (RBI), has reported to the central board that it supports a complete ban on cryptocurrencies and explains that a partial ban will not work. The central bank confirms that it has serious concerns about crypto. In the meantime, the Indian government reports further changes to the crypto calculation.
rbi wants a blanket ban from crypto, says that a partial ban will not work
The Reserve Bank of India (RBI) held the 592nd meeting of the central board on Friday, chaired by governor Shaktikanta. The central board is the highest decision-making body of the APEX-Bank.
The board checked the current national and global economic situation, the developing challenges and remedial measures. The directors also discussed various aspects in connection with cryptocurrency and digital central bank currency (CBDC).
High-ranking RBI officials emphasized several areas with crypto-related concerns, including the traceability of transactions, evaluation, extreme price volatility, legal problems and the identification of participants in transactions.
governor Shaktikanta confirmed its anti-crypto posture and emphasized that cryptocurrencies are a serious threat to every financial system, since they are not regulated by the central banks.
This repeatedly said that the central bank serious concerns in terms of cryptocurrencies and explains that they are a serious threat to the macroeconomic and financial stability of India.
"There is a need for much deeper discussions (about crypto). If the central bank says that it has much deeper concerns with regard to macroeconomic and financial stability, it is much more associated with this," said the central bank governor in October.
The law on cryptocurrency and regulation of the official digital currency 2021 was submitted for the examination in the winter meeting of Lok Sabha, the lower house of the Indian parliament. According to reports, the government plans to regulate crypto-basseets of India (Sebi) as the main regulator, but ban . However, there are reports that the government is still revision and will probably be presented instead in the household meeting.
In the meantime, the RBI is also working on a digital rupie that wants to implement it in phases. The central bank said last week that there will be two types of CBDC: wholesale and retail. "A lot of work was done in the CBDC area on a wholesale basis, while retail is a bit complicated and will take more time. We will publish a pilot, depending on what is finished," said the deputy RBI-Gouvenur T. Rabi Sankar.
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