Amid the crypto crash, officials at India's central bank told a key finance panel that cryptos could lead to 'dollarization' of the economy reiterating the position of desiring a complete ban. By amitoj
"Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy which will be against the country's sovereign interest," the officials told members of the finance committee including Jayant Sinha, the chairman of the Parliamentary Standing Committee on Finance.
"It will seriously undermine the RBI's capacity to determine monetary policy and regulate the monetary system of the country. It could replace a part of the monetary system undermining RBI's capacity to regulate the flow of money in the system," RBI officials said. Top officials at Reserve Bank of India reiterated their"institutional view that cryptocurrencies should be banned," a source familiar with the matter told CoinDesk.
“The RBI has said this to the parliamentary committee last year too. The RBI is talking about the dangers of dollarisation and banning crypto with regard to its use case as a currency or legal tender not necessarily as an asset class,” said a source in the parliamentary committee on finance." representatives of India's crypto industry for over stating the important of crypto advocacy without addressing challenges such as terrorism and money laundering through crypto.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Report: Central African Banking Regulator Says Crypto Ban Still Effective – Featured Bitcoin NewsThe regulator reportedly said it will also take steps to identify and report crypto-related transactions. cryptoban cryptocurrency bitcoin
Read more »
Central African bank regulator reminds member states of crypto ban, Reuters reportsThe reminder came after a chaotic week for crypto when the linked meltdown of the algorithmic stablecoin UST and Terra's native Luna asset resulted in big losses for many.
Read more »
Chile's central bank says it needs more time to study CBDCs'The bank considers that there is still not enough information to make a final decision with respect to the issuance of a CBDC,' it said.
Read more »
Central African bank regulator reminds states of crypto banCentral Africa's regional banking regulator sent out a reminder on Friday about its ban on cryptocurrencies, weeks after the Central African Republic, a member state, made bitcoin legal tender.
Read more »
Man accused of stealing redeemed bingo tickets in custody after chase, standoff on Eastex FreewayA man accused of stealing redeemed bingo tickets an Indian reservation casino was taken into custody after leading police on a chase that ended in a standoff on the Eastex Freeway.
Read more »
First Mover Asia: Singapore’s Regulators Will Be Eyeing Local Crypto Companies After Terra Collapse; Bitcoin ReboundsSingapore’s regulators are aware of the trend of crypto companies using a Singaporean entity to conduct business abroad with no material ties to the country; bitcoin jumps above $31K. thesamreynolds and JPRubin23 report
Read more »