India announces the need for an international ban on cryptocurrencies

The Reserve Bank of India (RBI) has recommended that the government ban cryptocurrencies, as stated by Indian Finance Minister Nirmala Sitharaman.

According to Nirmala Sitharaman, it is necessary to develop strict rules for the regulation of digital assets, as cryptocurrencies «destabilize the financial situation in the country.» Sitharaman also stated that no cryptocurrency ban in India will be fully effective without international cooperation — the RBI believes that digital assets should be banned worldwide.

Currently, India has begun work on checking cryptocurrency exchanges. Recently, India’s enforcement department stated that the country’s crypto exchanges should provide detailed information on transactions as part of an investigation into possible violations of the law on currency regulation. «We have requested the history of transactions with foreign exchanges — where and how much money goes from India. We are studying all the details of the transactions and, if necessary, the heads of crypto exchanges may be summoned to provide explanations,» said a representative of the Federal Enforcement Directorate of India (ED).