New Delhi: The Reserve Bank of India (RBI) has reportedly said to its central board that it Favours a complete ban on cryptocurrencies and partial curbs will not work. In a presentation to its central board, the apex bank emphasized the issues related to financial stability and macroeconomic along with the valuation of cryptos and exchange management.
“The board was apprised of RBI’s stance on the matter,” people with knowledge of the matter told ET. Plus, the central bank flagged concerns about regulating intangible assets that originate overseas.
One person familiar with discussions at the RBI’s board meeting on Friday said cryptocurrencies are available for trading on foreign exchanges, indicating apprehensions over the anonymity of transactions.
It is worth mentioning here that the RBI is persistent in its opposition to giving recognition to virtual currencies. While the apex bank has been forced to withdraw its 2018 ban on digital currencies following a Supreme Court order, it has not changed its stance.
