The Decentralization threat is scaring India’s Central Bank!
Parliament of India is soon to enter the winter session, and many of the legislators are pushing for the banning of cryptocurrency as a payment form. However, the Indian investors could still buy and sell it as an asset. The government is also currently working on a bill that will ban the advertising of crypto firms within the country. Further, this would include any exchange or platform on which you could sell or buy cryptocurrency.
The Reserve Bank of India, the country’s central bank, is also aiding in pushing much of this crypto reform. They have also held numerous closed-door meetings in the past few weeks with the government on acknowledging this issue.
Moreover, the RBI has much of the economic influence within the Indian confines as the government is practically at its whim. Besides, the country is currently working towards regulating cryptocurrency by facing different challenges. As the different exchanges are listing the different prices; it’s hard for them to find a median.
Although many members of India’s government are calling for some form of regulation, the RBI (Reserve Bank of India) wants to flat out ban crypto payments. Though, the chances of this happening are nearly zero; however, the country needs to change its stance soon to benefit from this industry fully.