Indian Central Bank Says Cryptos Could Lead to 'Dollarization' of Economy: Report

"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.

cryptoo_moon amitoj Sądzę, że gdy bank centralny Indii wyrazi takie stanowisko w informacji dla sądu, to prezes tego banku może zostać ukarany za 'mijanie się z prawdą'.

amitoj RBI should go ahead and ban it. If anything survives, it deserves to otherwise we're running a hooha of unregistered securities Burn everything to the ground

amitoj This is excellent. The more countries that ban the better. It's very prescient that China banned. Eventually it'll be only the US holding the bag and there'll be a rush for the exits of this toxic casino money.

amitoj Well each Indian citizen is authorised to move $250,000 out of the country for investments and expenses every year.

amitoj I'd like to know what would be if some banks worked with crypto exchanges like BFX

amitoj 对空投有兴趣的朋友可以关注liulianlubi，保姆级教学，每日更新。

amitoj $GARI GOODBYE

amitoj good project

amitoj better to block

amitoj wow those Indians can be : A. Really smart like sandeepnailwal B. crack heads (Indian government)

amitoj You always preach bad news 😂😂😂

amitoj 👍🏻

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