The latest update in the Indian crypto sphere saw the Reserve Bank of India (RBI) reiterate its anti-crypto stance. However, this time around RBI alerted investors against the “immediate risks” of private cryptocurrencies in particular.
The Indian Central bank recently released its financial stability report which pitted against private crypto claiming it poses an immediate threat to consumer protection, anti-money laundering, and combating terrorism financing. Furthermore, the bank also reinstated its long standing argument against crypto concerning the long-term risks to capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution.
“Private cryptocurrencies pose immediate risks to consumer protection and anti-money laundering (AML)/combating the financing of terrorism (CFT). They are also prone to frauds and to extreme price volatility, given their highly speculative nature. Longer-term concerns relate to capital flow m
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