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Reserve Bank of India Governor Pushes for Complete Crypto Ban During G20 Meeting

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has reportedly called for a complete ban on cryptocurrencies during a meeting with the G20 nations. Das argued that cryptocurrencies have the potential to undermine the sovereignty of central banks and create difficulties for financial regulators.

According to sources who attended the meeting, Das called for the G20 nations to take a unified stance on cryptocurrencies and work together to ban them. The sources also stated that other representatives at the meeting were receptive to Das’s proposal, with some suggesting that a ban could help to prevent money laundering and other criminal activities.

The RBI has been a vocal critic of cryptocurrencies in the past, and has implemented a number of measures to restrict their use in India. In 2018, the central bank banned banks and other financial institutions from dealing with cryptocurrency businesses, a move that was later overturned by the Indian Supreme Court.

Despite the RBI’s opposition to cryptocurrencies, there has been growing interest in the asset class in India. According to a recent survey by blockchain firm Chainalysis, India ranks second in the world for cryptocurrency adoption, with over 18 million people in the country holding some form of digital asset.

If the G20 were to agree to a ban on cryptocurrencies, it could have significant implications for the industry as a whole. However, it is worth noting that the G20 has yet to release an official statement on the matter, and it is unclear whether Das’s proposal will be taken up by other members of the group.

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