Amid the crypto crash, officials at India's central bank told a key finance panel that cryptos could lead to 'dollarization' of the economy reiterating the position of desiring a complete ban. By amitoj
"Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy which will be against the country's sovereign interest," the officials told members of the finance committee including Jayant Sinha, the chairman of the Parliamentary Standing Committee on Finance.
"It will seriously undermine the RBI's capacity to determine monetary policy and regulate the monetary system of the country. It could replace a part of the monetary system undermining RBI's capacity to regulate the flow of money in the system," RBI officials said. Top officials at Reserve Bank of India reiterated their"institutional view that cryptocurrencies should be banned," a source familiar with the matter told CoinDesk.
“The RBI has said this to the parliamentary committee last year too. The RBI is talking about the dangers of dollarisation and banning crypto with regard to its use case as a currency or legal tender not necessarily as an asset class,” said a source in the parliamentary committee on finance." representatives of India's crypto industry for over stating the important of crypto advocacy without addressing challenges such as terrorism and money laundering through crypto.
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