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Dec 20, 2021
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Regulation

by Kevin Helms

2 days ago
 * 13554
 * 1




INDIAN CENTRAL BANK RBI FAVORS COMPLETE CRYPTO BAN, SAYS PARTIAL BAN WON'T WORK




India’s central bank, the Reserve Bank of India (RBI), has reportedly told the
central board of directors that it favors a complete ban on cryptocurrencies,
stating that a partial ban will not work. The central bank reiterates that it
has serious concerns regarding crypto. Meanwhile, the Indian government is
reportedly making additional changes to the crypto bill.


RBI WANTS A BLANKET BAN ON CRYPTO, SAYS A PARTIAL BAN WON’T WORK

The Reserve Bank of India (RBI) held the 592nd meeting of the central board of
directors Friday under the chairmanship of Governor Shaktikanta Das. The central
board is the highest decision-making body of the apex bank.

The board reviewed the current domestic and global economic situation, evolving
challenges, and remedial measures. The directors also discussed various aspects
relating to cryptocurrency and central bank digital currency (CBDC).

The RBI reportedly said at the meeting that it favors a complete ban on
cryptocurrencies, noting that a partial ban will not work, the Economic Times
reported, citing unnamed sources familiar with the deliberations.

Senior RBI officials highlighted several areas of crypto-related concern,
including trackability of transactions, valuation, extreme price volatility,
legal issues, and identifying participants in transactions.

Governor Shaktikanta Das reiterated his anti-crypto stance, stressing that
cryptocurrencies are serious threats to any financial system since they are
unregulated by central banks.

Das has repeatedly said that the central bank has serious concerns regarding
cryptocurrencies, stating that they pose serious threats to India’s
macroeconomic and financial stability.

“There is a need for much deeper discussions (on crypto). When the central bank
says it has much deeper concerns from the point of macroeconomic and financial
stability, there are far deeper issues involved which form part of this,” the
central bank governor said in October.

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 has
been listed for consideration in the winter session of Lok Sabha, the lower
house of India’s parliament. The government is reportedly planning to regulate
crypto assets with the Securities and Exchange Board of India (SEBI) as the main
regulator but ban crypto’s use for payments. However, there are reports that the
government is still reworking the bill and will likely introduce it in the
budget session instead.

Meanwhile, the RBI is also working on a digital rupee, which it plans to
implement in phases. The central bank said last week that there will be two
types of CBDC: wholesale and retail. “A lot of work has been done on
wholesale-based CBDC while retail is somewhat complicated and will take more
time. We will release a pilot, whichever is ready first,” RBI Deputy Governor T.
Rabi Sankar explained.

TAGS IN THIS STORY

ban bitcoin, ban crypto, ban cryptocurrency, blanket ban, complete ban, crypto
bill, india central bank, indian central bank, indian government, RBI, rbi
crypto, rbi cryptocurrency

Do you think the RBI will convince the Indian government to completely ban
cryptocurrencies? Let us know in the comments section below.

KEVIN HELMS

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





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