Total crypto ban is difficult to implement, crypto-assets should be regulated-regulation

A renowned economist that is a member of the Indian Monetary Policy Committee, says a complete ban on cryptocurrencies is difficult to implement and "would only increase illegal activities and participation in the Darknet". She believes that crypto assets should be regulated.

Member of the monetary policy committee says that a complete ban on crypto is difficult to implement

Ashima Goyal, member of the Indian Monetary Policy Committee, spoke on cryptocurrency in an interview with PTI on Sunday. The Monetary Policy Committee (MPC) defines the key interest rate that is necessary to achieve the inflation goal.

Goyal has participated in several government committees, including the Prime Minister's Economic Advisory Board and the Technical Advisory Committee of the Reserve Bank of India (RBI) for monetary policy. It has published numerous publications in the areas of institutional and open economy, macroeconomics, international finances and governance.

When asked about cryptocurrencies, they should be called crypto token instead, since they are not acceptable or appropriate as currencies. In addition, she said that they should be prohibited as a legal means of payment, but should be regulated as a token.

Goyal added: "Only large transactions of investors who are aware of the risks may be allowed", and leads out:

A total ban is difficult to implement and would only reinforce illegal activities and participation in the Darknet.

In its most recent meeting of the central governor council, the RBI asked the government, crypto completely Prohibit that a partial ban does not work.

The RBI has also recently been said that cryptocurrency" was susceptible to fraud and Extreme price volatility are ”and emphasizes that they show“ direct risks for customer protection and combating money laundering (AML) / combating terrorism financing (CFT) ”.

There is currently no law in India, especially for cryptocurrencies, but the Indian government is working on the legislation for cryptocurrencies. However, a crypto law that was presented in the winter session of the parliament was not taken up. The government is now supposedly overwork.

Do you believe that cryptocurrencies can be fully banned by the Indian government? Let us know in the comment area below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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