RBI in favor of total crypto ban in India

Karthik Subramanian

The Reserve Bank of India has, in its deliberations, been in favor of a total ban on crypto currencies within India as it believes that it would be difficult to monitor and control its flow within the country.

RJ O'Brien hires City senior exec Peter Jerrom

Indian crypto industry is entering a crucial period in its growth and development where the next few months could determine whether it emerges as a crypto powerhouse by welcoming the industry internally and also setting the stage for other companies to set up shop in the region or whether it chooses to lie low and not allow the crypto industry to develop.

New Crypto Bill

This is expected to be determined by the new Crypto bill which was to be introduced in the current session of the Indian Parliament. But that seems to have been delayed and there does not seem to be any news surrounding the same. It is also believed that the government may choose to delay the Bill as it has not yet decided on whether to regulate the industry or totally ban crypto and even if it chooses to regulate it, the government does not seem to be sure of the way ahead.

The RBI, on the other hand, has been pretty clear right from the start that it is not in favor of cryptos and that it would like to have a total ban on it,

“Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint,” RBI governor Shaktikanta Das had said previously. “As the central banker, we have serious concerns about it and we have flagged it many times.”

CBDCs Also a Concern

The other members of the board seem to be leaning towards regulating the cryptocurrencies in the country rather than total ban as it is clear that blockchains and cryptos form the base for the next huge leap in the financial industry and the failure to adopt the same would most likely to the country being left behind in this aspect.

It is likely to be a tense time for those who have thrown their lot behind the crypto industry in India but it looks as though the bill might get delayed by another 6 months which is likely to give some breathing space for all involved. This would give the time for the government to formulate a proper plan for the CBDCs which it may not be ready with, at the moment.

Read this next

Retail FX

Belgium regulator blacklists FXP360, Appex Finance, and Wise-Markets

Belgium’s financial watchdog, the Financial Services and Markets Authority ‎‎(FSMA), has issued a warning against the unauthorized activities of multiple ‎ platforms that are offering investments in the country without ‎complying with Belgian financial legislation.‎

Digital Assets

MicroStrategy piles on Bitcoin, acquiring 0.90% of circulating supply

MicroStrategy, the world’s largest Bitcoin corporate holder, has further increased its holdings of the primary cryptocurrency. According to a recent filing, the company acquired an additional 16,130 bitcoins between November 1 and November 29, spending $593.3 million at an average price of $36,785 per bitcoin.

Digital Assets

Paxos gets nod to issue dollar-backed stablecoins in UAE

Stablecoin issuer Paxos has received preliminary approval from Abu Dhabi’s Financial Services Regulatory Authority to issue U.S. dollar-backed virtual currencies and provide crypto-brokerage and custody services.

Digital Assets

Flare Labs Begins Testing FAssets on Coston Testnet Paving Way for Non-Smart Contracts to Flare

Flare Labs has introduced FAssets on the Coston testnet, enabling the integration of non-smart contract tokens like BTC, XRP, and DOGE into the DeFi ecosystem.

Digital Assets

Philippine bars access to Binance, citing unregistered operations

The Philippines’ Securities and Exchange Commission (SEC) is moving to block access to Binance due to regulatory concerns, citing the platform’s operation without proper registration and authorization in the country.

Digital Assets

FTX cleared to sell investments in Grayscale and Bitwise funds

Bankrupt cryptocurrency exchange FTX has received approval from the bankruptcy court to start selling its stakes in digital trusts managed by Grayscale Investments.

Digital Assets

Nexo launches Dual Investment for yield earning and price prediction

“Dual Investment revolutionizes how users engage with BTC and ETH, offering a flexible, intuitive, yet sophisticated platform for predicting asset price movements, all while securing high yields.”


Aquis Stock Exchange goes live with cloud-based matching engine powered by AWS

“By running on AWS, the Aquis Stock Exchange is driving transformation across the capital markets industry while continuing to enhance the scalability, functionality and innovation that will benefit its members and stakeholders in an environment where security and resiliency are our highest priority.”


Options Technology certified as Microsoft Azure partner for Digital & App Innovation

“Securing our fifth Microsoft Solutions Partner status in less than 12 months is a testament to our commitment to innovation, excellence, and the highest industry standards. We are not only keeping pace with the evolving landscape of cloud technology but leading the way in shaping its future.”