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India’s top bank calls for complete crypto ban

The Reserve Bank of India (RBI) is taking a step back from the cryptocurrency and blockchain ecosystem, issuing their first-ever public warning about the risks associated with virtual assets.

The “cryptocurrency news” is a report that India’s top bank has called for a complete crypto ban.

With Indian authorities confused how to cope with the crypto business, the Asian nation’s highest bank has allegedly said that it would prefer the country to follow China’s lead and entirely outlaw crypto.

The Reserve Bank of India (RBI) is adamant on crypto’s prohibition.

The bank made its position known, according to the Economic Times, at its 592nd board of directors meeting, when it reportedly signaled a desire for an absolute ban on cryptocurrency, citing severe worries for the country’s economy.

The Reserve Bank of India (RBI) stressed the implications of crypto on the country’s macroeconomic policies and the instability that these digital assets may generate, according to an unnamed person who attended the conference. They also expressed worry about the administration of exchanges that fall under their authority.

With all of the above issues raised, the RBI maintained its oft-stated position that the best way to put its worries about crypto to rest would be to outright prohibit it.

It’s worth noting that this isn’t the first time the apex bank has expressed strong opposition to the sector. Shaktikanta Das, the bank’s governor, stated in October that cryptocurrencies, because of their uncontrolled character, would represent a severe danger to any global financial system.

Also, the bank had previously succeeded in restricting the area for around two years, but this was reversed by a Supreme Court order in India.

The new cryptocurrency law in India

The Cryptocurrency and Regulation of Official Digital Currency Law, 2021, is a new crypto bill proposed by Indian authorities.

According to a prior report from:

“The measure was supposed to be tabled at the previous budget session, but it was postponed since the government chose to change several of the proposed draft’s portions.”

The Twitter account of India’s Prime Minister Narendra Modi was recently hacked and used to promote a Bitcoin giveaway fraud.

India’s top bank calls for complete crypto ban

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India’s top bank calls for complete crypto ban. The Reserve Bank of India has called for the complete ban on cryptocurrencies in a recent statement. Reference: crypto mining alternatives.

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