fbpx

Type to search

Indian Central Bank Wants Crypto Banned, Minister Says – BS

Sitharaman said because cryptocurrencies are borderless, any legislation to regulate or ban such assets will only be possible through global collaboration.


India's Reserve Bank has expressed concerns over cryptocurrencies and wants them banned, Finance minister Nirmala Sitharaman told Parliament.
The Reserve Bank of India has been cautioning users, holders and traders of virtual currencies since 2013 about the hazards of dealing in crypto. The Finance minister says global action is needed to regulate the sector. File photo: Reuters.

 

The Reserve Bank of India has expressed concern on cryptocurrencies and wants them banned because they can destabilize fiscal and monetary stability, Business Standard reported, noting that Finance Minister Nirmala Sitharaman told Parliament on Monday it wants international help to regulate crypto.

Sitharaman said because cryptocurrencies are borderless, any legislation to regulate or ban such assets will only be possible through global collaboration, the report added.

Read the full report: Business Standard.

 

ALSO READ:

 

Meet the Top 10 India Crypto Influencers on Social Media

 

India Crypto Exchanges Ask Banks to Lift Hurdles – ET

 

Indian Firms Face 30% Tax on Crypto Payments to Staff – ET

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

logo

AF China Bond