Reserve Bank of India Expresses Mistrust to Cryptocurrencies

July 25, 2018

Reserve Bank of India (RBI) insisted on the Supreme Court of India to elaborate legislation for full-fledged crypto industry regulation as soon as possible. The reason for doubts in digital currencies is its popularity in terrorist and fraud activity.

Remember, at the beginning of April the Bank imposed restrictions for banks related to any organizations and private persons involved in the crypto industry.

Shyam Divan, senior advocate of the RBI, told that the Bank called for control over the crypto sector and noted, he believes the problem must be resolved as soon as possible due to both increased popularity of cryptocurrencies and crime growth in the industry.

Divan told, the study of the issue was instructed to the country’s interdisciplinary body. The head of the project is Subhash Garg, the secretary on economic affairs. The interdisciplinary committee of India was founded in 2017 and aimed at drafting legal basis for the crypto sector. The advocate also noted, formulating response to a huge number of petitions by crypto users will take the RBI at least 3 weeks.

It must be noted that on July 12 some unknown source in the know of the Indian government affairs claimed, officials are going to classify digital currencies as goods. Banning them in unlikely.

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