RBI wants a complete ban on cryptocurrencies?

Before cryptocurrency bill to be introduced in Parliament's winter session here is what we know


NH Web Desk

According to the sources the Reserve Bank of India is in favour of a complete Ban on Cryptocurrencies.

Reportedly the RBI has been working towards an implementation strategy on Cryptocurrencies and recently discussed various issues related to the central bank digital currency and private cryptocurrencies in a central board meeting which was held in Lucknow.

The meeting was chaired by Governor Shaktikanta where the RBI conveyed that they want a complete ban on cryptocurrencies.

Apparently, RBI made a detailed presentation to the board highlighting "serious concerns'' including the challenges of regulating invisible assets that originate overseas.

Notably, the central government will soon introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Lok Sabha during the winter session of Parliament.

Some reports suggest that Prime Minister Narendra Modi will take a final call on the shape of the proposed cryptocurrency Bill and PM Modi had already held several rounds of talks on the matter.

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