The Reserve Bank of India (RBI) is still considering a complete ban on cryptocurrencies, according to news that has come out following a meeting at the bank on Friday.
According to the Economic Times, members of the RBI continued to push for a complete ban on crypto. While previous similar attempts were mostly snubbed by the industry, with companies continuing to set up shop in India, this one may be different.
During the meeting, a presentation outlining the “serious concerns” around cryptocurrencies was put forward. Financiers cited two main reasons for a crypto ban, explaining that crypto bred macroeconomic and financial instability.
This echoed the bank’s position from June when the RBI first said that it had “major concerns” about crypto.
Since then, there have been various opinions swirling online with some anticipating a blanket ban while most industry experts argue that enforcing a ban would be impossible given how developed the industry is.
However, the Friday meeting seems to confirm that India’s central banking authority may be inching closer to an outright ban that many fear would empower unregulated operators and threaten consumer safety.
Earlier in December India tried to broach the topic again and establish an actionable crypto regulatory framework.
India also expressed its desire to ban private cryptocurrencies in November. The latest reported meeting is another blow to the industry which is still operating in a state of uncertainty.
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