India’s Central Bank Doubles Down On Crypto Prohibition As Tax Department Warns Of Offshore And P2P Evasion
The post India’s Central Bank Doubles Down On Crypto Prohibition As Tax Department Warns Of Offshore And P2P Evasion appeared on BitcoinEthereumNews.com. The Reserve Bank of India hasn’t softened its position. If anything, internal government documents show the central bank is hardening its view. According to a Reuters report summarized by the original report, the RBI explicitly stated that India’s cryptocurrency policy may need to “lean toward prohibition.” The recommendation goes further: bar banks and financial institutions from holding, trading, or gaining any exposure to crypto assets and privately issued stablecoins. The logic is familiar. The central bank framed the restrictions as essential to limit risk spillover from volatile digital assets into the broader financial system. While the language isn’t new—the RBI attempted a similar banking ban in 2018 only to be overruled by the Supreme Court in 2020—the latest paperwork suggests a policy apparatus that still sees prohibition