Bitcoin Ban ‘Most Advisable’ Option In India, Not Legalization: Central Bank Deputy Governor

Bitcoin Ban ‘Most Advisable’ Option In India, Not Legalization: Central Bank Deputy Governor
ôîòî ïîêàçàíî ñ : zycrypto.com

2022-2-15 00:20

The deputy governor of the Reserve Bank of India (RBI), the country’s central bank, has come out in support of banning cryptocurrencies in the world’s second-most populous nation.

RBI Deputy Governor Doubles Down On Anti-Crypto Stance

The RBI deputy governor has poured cold water on any hopes that India could soon take the regulatory and legalization path. 

T. Rabi Sankar argued that a ban is favored over crypto regulation. “We have examined the arguments proffered by those advocating that cryptocurrencies should be regulated and found that none of them stand up to basic scrutiny,” said the central bank deputy governor. 

Some in the Indian crypto community have had several demands for the government, including that it classifies cryptocurrencies and establishes a regulatory framework for the crypto industry.

Nonetheless, the central banker is opting for a ban instead of legitimizing the sector as he strongly believes in cryptocurrency’s potential to encourage “anti-social activities”. Sankar also expressed reservations about the growth of cryptocurrencies, saying they pose risks to the nation’s economic system.

Bitcoin Ban Has Previously Been Considered

Regulators in India have grappled with the possible outlawing of cryptocurrencies for years.

India’s central bank prohibited banks from facilitating crypto transactions in 2018, though the policy was reversed by the Supreme Court in March of 2020. In 2019, a draft bill was proposed, seeking to outrightly ban crypto usage. Indian legislators floated a similar bill in Jan. 2021 to ban private cryptocurrencies in the country.

Early this month, India’s finance secretary T.V. Somanathan asserted that cryptocurrencies “will never become legal tender”, adding that a complete ban in the country remains a possibility.

In the meantime, India is heading towards a central bank-backed digital currency. It’s safe to assume the Indian government, like China’s, harbors the opinion that creating a CBDC will curtail the mushrooming of decentralized cryptocurrencies like bitcoin. The Reserve Bank of India plans to launch the digital rupee within the 2022-2023 time frame.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

India Coin (INDIA) íà Currencies.ru

$ 6.733E-5 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 1.49 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 999999
Äîñòóïíî / Âñåãî 0 INDIA

deputy governor rbi bank india central water

Èñòî÷íèê: zycrypto.com

deputy governor → Ðåçóëüòàòîâ: 126


Governor of China’s central bank defines STOs as illegal financial activity in the country

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, South China Morning Post reported on December 9. Pan Gongsheng, a deputy governor of China’s central bank, told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs (Initial Coin Offerings)  were […]

2018-12-10 09:29


Deputy governor of China’s central bank defines STOs as illegal financial activity in the country

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, South China Morning Post reported on December 9. Pan Gongsheng, a deputy governor of China’s central bank, told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs (Initial Coin Offerings)  were […]

2018-12-10 09:29


People’s Bank Of China (PBoC) Says Security Tokens (STO) Are An “Illegal Financial Activity In China”

China’s Central Bank, the People’s Bank of China, reported to the South China Morning Post its decision concerning security token offerings, noting that they are illegal in the country. The bank’s deputy governor Pan Gongsheng appeared at a summit in Beijing and there, he discussed the “illegal” financing activities that have been effectuate with STOs […]

2018-12-10 06:11


Ôîòî:

Without a Digital Currency, Sweden Faces the Privatization of Money

Retail payments in Sweden are now almost entirely cashless. Without a central bank digital currency (CBDC) Sweden’s entire payments market would be reliant on the private financial sector. Cecilia Skingsley, Deputy Governor of the Central Bank of Sweden, has authored an article as part of the World Economic Forum’s Annual Meeting of the Global Future Councils.

2018-11-12 04:00


Government Supported Central Bank-Issued Digital Currencies: Now or Never?

There has been series of condemnations on central bank-supported digital currencies (CBDC). Recent among this is that of the Bank of Japan’s (BOJ) deputy governor, Masayoshi Amamiya on October 20 reiterating his pessimistic views towards CBDC under the claim that digital assets do not have anything good to add to the existing monetary systems. Looking […]

2018-10-26 01:25


Bank Of Japan Acknowledges Bitcoin’s Presence, Admits Cryptos Could Diminish Financial Role

The deputy governor of the Bank of Japan, Masoyoshi Amamiya, has recently revealed how the banks view cryptos during a lecture meeting at the Japan Society of Monetary Economics. The banker has affirmed that it is debatable whether cryptos have any serious merit to improve the existing financial system. According to it, he does not […]

2018-10-24 07:04


Ôîòî:

Regulations Round-Up: Malta Clarifies Law, UK Wealth Managers Urge FCA Action

In recent regulatory news, Malta’s financial regulator has sought to clarify the nation’s cryptocurrency regulations following the passing of an act pertaining to crypto assets, UK-based wealth managers have called for the FCA to take a strong stance regarding cryptocurrencies, and the deputy governor of Bank of Israel has predicted that cryptocurrencies will contribute to […] The post Regulations Round-Up: Malta Clarifies Law, UK Wealth Managers Urge FCA Action appeared first on Bitcoin News.

2018-7-25 02:05


Central Bank Of The Philippines Approves Two New Crypto Exchanges

On July 6th, the Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has approved applications filed by two new cryptocurrency exchanges. Chuchi G. Fonacier, the deputy governor of the Bangko Sentral ng Pilipinas (BSP), reportedly said that the bank has approved the applications of ETranss and Virtual Currency Philippines, Inc., accrediting them as new platforms. […]

2018-7-7 20:17


Bank of England Deputy Governor Issues Warning to Financial Firms Over Crypto Risks

In a letter dated June 28, Sam Woods, deputy governor at the Bank of England who is also the CEO of the Prudential Regulation Authority (PRA), the UK’s financial watchdog, provided a reminder to financial firms of their “relevant obligations under PRA rules, and to communicate the PRA’s expectations regarding firms’ exposure to crypto-assets.

2018-6-30 18:29


Ôîòî:

U.K. Banks Cautioned to Be Conservative with Cryptocurrencies

The Bank of England has warned U.K. lenders to study cryptocurrencies before doing business in the space. While acknowledging the benefits of the underlying distributed ledger, the deputy governor believes the high price volatility and relative illiquidity of cryptocurrencies are good enough reasons why financial institutions need to be careful when dealing with crypto assets.

2018-6-29 21:16


Ôîòî:

U.K. Banks Warned to Be Careful With Cryptocurrencies

The Bank of England has warned U. K. lenders to study cryptocurrencies before doing business in the space. In a letter sent out to the financial institutions in the country yesterday, the Bank of England Deputy Governor Sam Woods warned financial companies to take appropriate steps to protect themselves against "exposure to crypto-assets" which he believes are susceptible to "fraud and manipulation, as well as money-laundering and terrorist financing risks.

2018-6-29 18:17


Ôîòî:

BoE: Cryptocurrencies Pose ‘Reputational Risks’

The Bank of England has reportedly cautioned City bosses away from implementing cryptocurrencies into their business plans — citing all the usual reasons one has probably come to expect. ‘Reputational Risks’ “In their short history, crypto-assets have exhibited high price volatility and relative illiquidity,” wrote Bank of England Deputy Governor Sam Woods in a letter to the chief executives of banks, insurers, and fund managers — as reported by The Telegraph, adding: Crypto-assets also raise concerns Read More The post BoE: Cryptocurrencies Pose ‘Reputational Risks’ appeared first on Bitcoinist.com.

2018-6-29 05:00


Ôîòî:

The Central Banks Of Australia And New Zealand Against Cryptocurrencies

The trend of ‘central banks’ talking about cryptocurrencies is warming up once more, with The Reserve Bank of Australia (RBA) and The Reserve Bank of New Zealand (RBNZ) weighing in on the debate. The pair have moved to debunk rumours that they are investigating in establishing their own central bank digital currency, on the basis that they believe such a project would inevitably damage their current banking system.

2018-6-26 17:00


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru