Saturday, August 2, 2025

Latest

India Renews Call For Ban On Cryptocurrency And Its “Destabilising Effect”

India’s central bank renewed the country’s call to ban cryptocurrencies. The South Asian state, the world’s second-largest market, is mulling a legislative action to take this prohibition into effect.

“[Reserve Bank of India] is of the view that cryptocurrencies should be prohibited,” said Indian Finance Minister Nirmala Sitharaman.

The government’s top finance officer also said that the central bank has expressed concerns about the “destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country.” Sitharaman added that the Indian government is recommending “for framing of legislation on this sector.”

“Cryptocurrencies 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,” she added.

In March 2021, the country first proposed a new law that would ban cryptocurrencies. The bill, called Cryptocurrency and Regulation of Official Digital Currency, was written to include the capacity of the central bank to launch its own blockchain.


Information for this briefing was found via Techcrunch. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Royal Gold Goes Big | $3.5 Billion Sandstorm Acquisition

Why Gold’s Bull Run May Just Be Getting Started! | Peter Grandich

Tariffs Spark New Race for Critical Metals | Rob McEwen

Recommended

Tsunami Warnings Spread As Largest Quake Since 2011 Hits Russia

Northern Superior Intersects 1.75 g/t Gold Over 65.0 Metres At Philibert

Related News

Major Russian Bank Set to Launch its own Stablecoin in 2021

A number of central banks around the world have been mulling the use of digital...

Monday, January 25, 2021, 11:51:00 AM

Tether Calls Rumors False, Aims to Decrease Commercial Paper Backing To Zero

In a statement released on Wednesday morning, Tether called rumors about its commercial paper backing...

Thursday, June 16, 2022, 02:30:00 PM

SEC’s Crypto Enforcement Heats Up: More Actions on the Horizon

The US Securities and Exchange Commission (SEC) is intensifying its pursuit of crypto exchanges and...

Wednesday, September 20, 2023, 03:53:00 PM

Andreessen Horowitz Projects [Misplaced] Optimism In State of Crypto 2023 Report

The State of Crypto 2023 report from venture capital firm Andreessen Horowitz (a16z) provides a...

Monday, April 17, 2023, 06:16:00 AM

Republican States Sue SEC Over Crypto Enforcement Powers

18 Republican state attorneys general filed suit Thursday against the Securities and Exchange Commission, challenging...

Friday, November 15, 2024, 07:28:51 AM