The meeting, called at the last minute by the RBI, was attended by senior central bank officials, three exchanges, a crypto broker, and industry association Indiatech.org, which has published a white paper on cryptocurrencies.
There is a growing understanding that in India, crypto trading may be allowed with some type and certain limitations, rather than an absolute ban as in China. Only cryptos with trace and traceable features should be allowed. The KYC system and the possibility of making illegal transactions were also discussed.
Aside from the money laundering issues, the RBI is concerned about potential economic uncertainty should crypto amounts increase over time. In contrast to the shrinking mining of Bitcoin, the leading cryptocurrency whose supply is decreasing year by year, the amount of crypto is increasing due to the release of new coins.
Source: cryptonewsz
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility
