RBI DG Rabi Sankar asks for complete ban on cryptocurrencies in India

'We have examined arguments by those advocating cryptos should be regulated, and found that none of them stand up to basic scrutiny,' says RBI Deputy Governor

Days after the Union Budget proposed taxing cryptocurrencies, which gave rise to apprehensions of legitimising them, an Reserve Bank of India (RBI) official has asked for a complete ban on such virtual currencies citing threat to macroeconomic stability.

In a speech to bankers on Monday, RBI deputy governor T Rabi Sankar demolished all the arguments for allowing cryptocurrencies in India as none of them pass basic scrutiny.

On the argument that advanced economies (AE) have not resorted to banning such currencies, the deputy governor said it is in the interest of those economies not to ban cryptos because they are