RBI wants crypto ban, govt needs global support for regulation: FM Sitharaman

While the Reserve Bank of India has made its view clear on digital assets, including cryptocurrency – an explicit prohibition – the Indian government wants a global collaboration if such a ban or prohibition has to be put into effect.

Addressing queries pertaining to cryptocurrencies in the Lok Sabha today, finance minister Nirmala Sitharaman said, “Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.”