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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2022\/07\/18\/indias-central-bank-wants-to-ban-cryptocurrencies\/<\/a><\/br> India\u2019s central bank wants to ban cryptocurrencies, the government told the parliament on Monday, raising more uncertainty about the future of the nascent virtual digital asset in the world\u2019s second largest internet market.<\/p>\n Nirmala Sitharaman, the minister of finance in India, said Monday that the Reserve Bank of India has expressed concerns about the \u201cdestabilising effect of cryptocurrencies on the monetary and fiscal stability of a country\u201d and has recommended \u201cfor framing of legislation on this sector,\u201d she said.<\/p>\n \u201cRBI is of the view that cryptocurrencies should be prohibited,\u201d she added.<\/p>\n Formulating any legislation for regulation or banning of crypto will require \u201csignificant international collaboration,\u201d she added<\/a> (PDF). The government stated its reasoning in response to a set of questions raised by Tholkappiyan Thirumavalavan, a member of parliament, in the Lok Sabha, India\u2019s lower house.<\/p>\n \u201cCryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards,\u201d she added.<\/p>\n The Financial Stability Board, a body of regulators, treasury officials and central bankers from the Group of 20 economies including India, said<\/a> earlier this month that it would propose \u201crobust\u201d global rules for cryptocurrencies in October this year. The FSB said crypto assets were predominantly used for \u201cspeculative purposes\u201d and didn\u2019t operate in a \u201cregulation free space.\u201d<\/p>\n Sitharaman\u2019s response poses further challenge to the adoption of cryptocurrencies and platforms enabling innovation atop of it in the nation.<\/p>\n India\u2019s move to tax transactions and profits related to crypto trading<\/a> earlier this year was seen as a move of Indian central bank beginning to embrace the fast-growing nascent technology. But in recent months, Indian banks have sent different signals to the industry players.<\/p>\n The Indian central bank continues to force the hand of banks from engaging with crypto platforms in India, a move that has made on-ramp a nightmare for the firms, people familiar with the matter said.<\/p>\n Coinbase halted trading service in India earlier this year because of \u201cinformal pressure\u201d from the Reserve Bank of India, Brian Armstrong, the crypto exchange\u2019s chief executive said. Local exchanges and other crypto firms have additionally seen a sharp decline in trading volume<\/a> in recent months, in part because of the local taxation law.<\/p>\n Internet and Mobile Association of India, an influential 18-year-old lobby group in India, turned its back on advocating for crypto<\/a> last week, citing regulatory uncertainty.<\/p>\n India\u2019s central bank has been consistent with its crypto stance.<\/p>\n
\nIndia\u2019s central bank wants to ban cryptocurrencies, government says<\/br>
\n2023-01-20 22:28:02<\/br><\/p>\n