CandleFocus India weighs crypto ban as it pushes for digital rupee adoption
2024-10-22
Author: Content Editor
Regulators in India are reportedly considering a ban on cryptocurrencies like Bitcoin and Ether, favoring the use of a digital rupee instead. The government has consulted with key institutions and regulators on the matter and concluded that the risks of private cryptocurrencies outweigh the benefits. While a forthcoming discussion paper is expected to be issued, the specific parties involved in the consultation were not disclosed. India had previously banned banks from handling crypto transactions in 2018, but the Supreme Court overturned the ban in 2020. The Reserve Bank of India remains concerned about the risks posed by cryptocurrencies and advocates for the use of central bank digital currencies. The final decision on the matter will be made following further consultations.
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