Ashima Goyal, a member of India’s Monetary Policy Committee, talked about cryptocurrency in an interview with PTI on Sunday. The Monetary Policy Committee (MPC) determines the policy interest rate required to achieve the inflation target.
Monetary Policy Committee Member Says a Complete Crypto Ban Is Difficult to Implement
Replying to a question about cryptocurrencies, she said they should be called crypto tokens instead, as they are not acceptable or adequate as currencies. In addition, she said they should be banned as legal tender, but regulated as tokens.
Goyal has served on several government committees, including the Prime Minister’s Economic Advisory Council and the Reserve Bank of India (RBI) technical advisory committee for monetary policy. She is widely published in institutional and open economy macroeconomics, international finance, and governance.
A total ban is difficult to implement and would only increase illegal activities and participation in the darknet.
Goyal added, “Only large transactions, from investors who are aware of the risks, may be permitted,” elaborating:
In its recent meeting of the central board of governors, the RBI urged the government to completely ban crypto, stating that a partial ban will not work.
The RBI also recently said that cryptocurrencies are “prone to fraud and to extreme price volatility,” stressing that they “pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism (CFT).”
Currently, there is no law specifically for cryptocurrency in India but the Indian government is working on cryptocurrency legislation. However, a crypto bill that was listed for consideration in the winter session of parliament was not taken up. The government is now reportedly reworking the bill. Tags in this story
ban bitcoin, ban crypto, ban cryptocurrency, Central Bank, crypto assets, Crypto regulation, Cryptocurrency regulation, indian crypto regulation, indian cryptocurrency regulation, monetary policy committee, RBI, regulating crypto assets, regulating crypto tokens Do you think that cryptocurrency can be completely banned by the Indian government? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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