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:

Read more on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data.

Fusion Media or anyone associated with Fusion Media assumes no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts, and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.


This post RBI Seemingly Wants To Ban Cryptocurrencies, But Not For The Reasons You Might Think By Cointelegraph was original published at “https://www.investing.com/news/cryptocurrency-news/rbi-seemingly-wants-to-ban-cryptocurrencies-but-not-for-the-reasons-you-might-think-2787771”

LEAVE A REPLY

Please enter your comment!
Please enter your name here