The Reserve Bank of India said it favors a complete ban on cryptocurrencies at a meeting of its central board on Friday, the Economic Times reported, citing unnamed people familiar with the deliberations.
India’s central bank made a detailed presentation to its board highlighting “serious concerns” around the impact of cryptocurrencies on macroeconomic and financial stability, as well as exchange management, the newspaper said.
The RBI said in June that it had “major concerns” on cryptocurrencies, which it had conveyed to the government. Its board discussed its planned digital currency and private cryptocurrencies at the meeting on Friday, the RBI said in a statement released on the same day.
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