Crypto India: RBI reportedly seeks a blanket ban on Cryptocurrencies

Published by
Crypto India: RBI reportedly seeks a blanket ban on Cryptocurrencies

The Indian crypto community is concerned since the exclusive speculation about a potential blanket ban on crypto flooded the market. However, it is still unclear whether this is yet another FUD or if the government may actually consider a China-like move for crypto in India.

According to Economic Times insider reports, yesterday’s meeting of the Central Board of Directors of Reserve Bank of India (RBI) took a bitter turn when RBI presented with suggestions for an absolute ban on cryptocurrencies. RBI’s anti-crypto stance was supported by its long standing argument, about crypto as a threat to macroeconomic and financial stability, along with exchange management.

Advertisement

RBI and Indian Finance Minister’s similar concern regarding Crypto

The central bank also emphasised issues like – anonymity of transactions and regulation of “intangible assets that originate overseas”. While these continue to be speculations, yet the uncanny similarities between the Indian Finance Minister, Nirmala Sitharaman’s take on “borderless crypto regulations” may come as a shock.

Earlier this month, Sitharaman spoke at an event organised by Infinity Forum, about the direction Indian authorities may take to regulate virtual currencies. Sitharaman called for global regulatory support in lieu of crypto’s borderless nature. She noted that “technology has the power to sweep through borders”, henceforth, mere national measures will never be enough if regulators across the world aim to centralise the decentralized industry. Sitharaman also expressed concerns regarding the “ever-evolving” crypto, which makes it almost impossible for the governments to stay on top of them at all times.

Sitharaman said, “I am not sure they (government) can ever be on-the-top-of-it-kind of situation because it is ever changing and it is ever evolving.”

Given that the draft for the Crypto Bill is yet not finalised and unless the draft bill achieves cabinet approval, it cannot be introduced for discussion in the parliament. However, the main question of concern is if the reason behind the incomplete draft could in fact be a 180 degree turn towards an absolute ban on crypto over regulations?

Share
Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub

Michael Saylor highlighted Strategy’s outperformance after the company was excluded from the S&P 500. The…

September 6, 2025
  • 24/7 Cryptocurrency News

Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair

U.S. President Donald Trump has revealed his shortlist of candidates who could potentially replace Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun responded to World Liberty Financial freezing his wallet by promising to purchase $20…

September 6, 2025