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06/09
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The RBI does not participate in the work on the draft law on banning cryptocurrencies The RBI does not participate in the work on the draft law on banning cryptocurrencies

The Reserve Bank of India has denied its participation in the work on the draft law prohibiting cryptocurrencies. This has been the subject of a series of confirmations from government agencies, making it a bit of a bustle.

We would like to remind you that in India, a draft law prohibiting the use of any cryptocurrency other than the officially introduced state “digital rupee” is gaining support from the authorities. Violation of the law’s provisions by storing, exchanging, buying, selling, and paying with any cryptocurrency other than the one allowed may result in a penalty of up to 10 years’ imprisonment.

The Indian regulator is not involved in the development of this law. This approach of the bank to this issue gives users hope for a positive result of the case.