RBI Favours Complete Ban On Cryptocurrencies

The Reserve Bank of India, in a recent notification to its central board, has said that it favours a blanket ban on cryptocurrencies. In the latest report by Economic Times, the RBI has been quoted as saying that there are ‘serious concerns’ relating to financial stability.

The RBI also made a detailed presentation to its central board regarding the concerns that cryptocurrency holds for the economy. The central bank also said that there are concerns over the anonymity of the transactions as cryptocurrencies are available for trading on foreign exchanges.