Recently, the Reserve Bank of India and the national government agreed on the crypto’s future. On the one hand, the highest authority in India applied taxes on crypto transactions that will reach 30 percent. Likewise, the RBI and the Financial agent Sithraman Nirmala told parliament that cryptos should be prohibited.
It is good to know that the Reserve Bank of India has been profiting from banning cryptocurrencies in the country for years. Now, the RBI comes to parliament with the idea that the crypto market should be banned, and this time, it seems to be heard.
Is it the end of crypto for Indians?
According to reports, the financial agent Sithraman Nirmala spoke before the legislative assembly, where she showed her concern about the crypto trade and its instability. Sithraman says that cryptos bring problems to the financial market in the country. However, she does not provide more details on the subject.
On the other hand, it is believed that Sithraman was motivated to speak about cryptos and their possible ban after the series of doubts raised by the MLA in the country’s Lok Sabha, Thol Thirumavalavan.
Sithraman told the Reserve Bank of India that cryptos, in theory, do not have a limit; crypto has free will to function as they please. That is why the agent calls for national regulation and even encourages parliament to request foreign intervention to cover the issue.
Reserve Bank of India against crypto since 2013
With more than a decade in operation, crypto trading has been affected by the opinions left by regulators, as is the case in India. According to Sitharaman, the Reserve Bank of India has been fighting cryptos since 2013, mentioning that the technology is unbalanced. Throughout this period, the RBI has also limited national banks to interact with cryptos and thus be able to avoid a catastrophe, according to their opinions.
The Reserve Bank of India has on several occasions talked about creating a regulatory scheme focused on cryptos, but it is something that is not yet executed. Now that the demand for crypto regulation reaches more powerful entities, it is likely that the RBI will have that support that it has requested so much in recent years.
Meanwhile, major tokens such as Bitcoin and Ethereum are recovering in value, giving hope to the hundreds of thousands of fans of decentralized technology. India continues to threaten to ban crypto while more than 30 percent of its citizens have adapted to virtual trading. In a way, this would show that the RBI and the national authority have no power to make these decisions, and even if they complete their plan, the Indians will likely look for other ways to use the cryptos.
Crypto fans have to wait to see how the regulatory plan in India progresses and if a scheme is presented that does not allow continuing trading illegally.