Reserve Bank of India (RBI) calls out for a cryptocurrency ban in the country. Shri T. Rabi Sankar, Deputy Governor, has assured that this decision is the most advisable, arguing that crypto is a threat for different sectors, including gambling. The statement was made on February 14, during the speech. Find more news about cryptocurrency to stay tuned for the latest updates.
Shri T. Rabi Sankar has joined the RBI’s active opponents to the cryptocurrency after his statement about a required virtual currency ban. He is sure that crypto is just an ideology that obstructs financial regulation in India.
Another reason to ban crypto in India is the absence of the underlying cash flows, undermining KYC/AML regulatory measures. It is also negatively impacting the Indian banking system, he said. This decision Rabi Sankar finds the only one that should be made in the current reality.
However, Rabi Sankar took the time to the argument against crypto ban like advanced economy countries do not ban the cryptocurrency sector. He has stated that the Indian economy is not advanced; therefore, the crypto owners get full control of the financial sector.
The Indian government’s reaction
Reserve Bank of India firstly demonstrated its position towards cryptocurrency at the end of 2021. Since that time, their clear convictions have not changed. To realize the ban of this market, the government’s support is unreplaceable. But it seems like the authority isn’t interested in this proposition.
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