India's central bank RBI is advocating for a crypto policy 'leaning towards prohibition,' aiming to bar banks from holding or offering exposure to cryptocurrencies and private stablecoins. This stance is detailed in internal government documents seen by Reuters, despite the country having 39 million crypto users with an estimated $2.1 billion in assets.
Internal documents reveal the RBI has renewed its call for stricter controls, supported by the Income Tax Department which cites challenges in tracking transactions on offshore exchanges and private wallets.
No formal ban or regulatory framework has been adopted yet; the policy remains under discussion.
Internal government documents seen by Reuters reveal India's central bank is pushing for a crypto policy 'leaning towards prohibition,' aiming to bar banks from holding or offering exposure to cryptocurrencies and private stablecoins. The Income Tax Department also notes challenges in tracking transactions on offshore exchanges.
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