Crypto Ban Is Difficult To Enforce, Member Of India’s Monetary Policy Committee Says Crypto Assets Should Be Regulated.A member of India’s Monetary Policy Committee, a well-known economist, claims that a total cryptocurrency ban would be difficult to police and would “just boost illegal activities and participation in the darknet.” Crypto assets, he feels, should be regulated.
A member of the Monetary Policy Committee believes that a comprehensive crypto prohibition would be difficult to impose.
In an interview, a member of India’s Monetary Policy Committee discusses cryptocurrency. The Monetary Policy Committee (MPC) determines the policy interest rate that must be maintained in order to meet the inflation target.
The member has served on a number of government bodies, including the Prime Minister’s Economic Advisory Council and the Reserve Bank of India’s (RBI) Technical Advisory Committee for Financial Institutions. . She has a long list of publications in the fields of institutional and open economy macroeconomics, international finance, and governance.
In response to a query concerning cryptocurrencies, he stated that they should be referred to as crypto tokens rather than currencies because they are neither acceptable nor sufficient. She also suggested that they be prohibited as legal cash but regulated as tokens.
“Only huge deals from risk-averse investors might be allowed,” the member stated.
A total ban would be difficult to police and would just encourage people to engage in illicit activities and use darknets.
The Reserve Bank of India (RBI) has advised the government to prohibit cryptocurrency fully, arguing that a partial ban would not work.
The Reserve Bank of India recently stated that cryptocurrencies are “vulnerable to fraud and excessive volatility.” , underlining that they are “for customer protection and combatting anti-money laundering (AML)/counter-terrorist financing (CFT).” to put you in danger right now.”
There is currently no cryptocurrency-specific legislation in India, although the Indian government is working on one. However, a crypto bill that was scheduled for debate during Parliament’s winter session was not taken up. The law is currently being reworked by the government, according to reports.