On Thursday, the Reserve Bank of India, or RBI, the country’s central bank, released a critical bulletin on the cryptocurrency industry. While the report praised the innovative distributed ledger technology associated with digital currencies, the RBI rejected arguments arguing for the regulation of such assets and called for an outright ban. RBI’s main concerns were related to cryptocurrencies threatening the country’s financial sovereignty. The RBI wrote:

According to the RBI, an increase in the adoption of cryptocurrencies would lead to the danger of crypto replacing the Indian rupee, undermining authorities’ control over monetary policy. In addition, the RBI seems unconvinced by arguments citing the relative laissez-faire regulation of cryptocurrencies in developed countries, such as the United States, as the basis that India should do the same:

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This post RBI Seemingly Wants To Ban Cryptocurrencies, But Not For The Reasons You Might Think By Cointelegraph

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