Magazine article Global Finance

RBI: No Cryptos, but Tokens

Magazine article Global Finance

RBI: No Cryptos, but Tokens

Article excerpt

The growth of cryptocurrency has been a headache for the Reserve Bank of India (RBI). Considering the risks of digital currencies-as a conduit for illegal transactions or for fleecing inexperienced investors-last year RBI prohibited private cryptocurrency exchanges in India.

Still, given the potential for tracking illegal payments and tax evasion, RBI set up a group to study the practicality of sovereign digital currency, but so far has no plans to introduce one. …

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