Indian Finance Minister: Indian Govt Needs Global Support to Ban Crypto

The Indian Finance Minister Nirmala Sitharaman stated that the country’s central bank, the Reserve Bank of India (RBI), supports the ban on crypto. However, according to her, this process would not be possible without significant international collaboration. Global Collaboration Needed For Cryptocurrency Regulation According to a local media report from today, India’s finance minister Nirmala Sitharaman wrote a statement in response to five written questions from Thirumaavalavan Thol, a member of parliament. The questions included whether the RBI remains concerned over the impact of cryptocurrencies on the economy and whether there was any effective legislation to restrict its usage. “RBI has recommended for framing of legislation on this sector. RBI is of the view that cryptocurrencies should be prohibited. Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage,” Sitharaman wrote. Sitharaman, however, seems to believe that a “global collaboration” is needed for any effective regulation or ban. “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,” she added. The finance minister further told the Parliament that the RBI does not consider cryptocurrencies as actual currencies, as only central banks or governme...