India Central Bank Spells out Crypto Objections as Panel Readies Regulations

The R eserve Bank of India which  admitted last month that it clamped down  on cryptocurrencies without much discussion, has expanded on its objections, as a government panel considers a draft of regulations.

The Central bank instructed banks in April to close cryptocurrency accounts in the first week of July.The concerns include the currencies, insufficient intrinsic value, investor protection and  anonymous transactions, the central bank recently  explained to the internet and mobile association of india.

 AMAI members have suggested regulations to the RBI and take objection to all of the central bank’s concerns.Some bitcoin exchanges legally challenged the central bank after it instructed banks in April to close cryptocurrency accounts. In May, the country’s supreme court responded to that challenge by instructing the exchanges to address the RBI directly. The exchanges then submitted their suggestions for regulations. 

https://www.ccn.com/indias-central-bank-spells-out-crypto-objections-as-panel-readies-regulations/