India’s central bank wants to ban cryptocurrencies, the government told the parliament on Monday, raising more uncertainty about the future of the nascent virtual digital asset in the world’s second largest internet market.
Nirmala Sitharaman, the minister of finance in India, said Monday that the Reserve Bank of India has expressed concerns about the “destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country” and has recommended “for framing of legislation on this sector,” she said.
“RBI is of the view that cryptocurrencies should be prohibited,” she added.
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