RBI seemingly wants to ban cryptocurrencies, but not for the reasons you might think By Cointelegraph

On Thursday, the Reserve Bank of India, or RBI, the country’s central bank, published a critical bulletin regarding the cryptocurrency industry. While the report praised the innovative distributed ledger technology associated with digital currencies, the RBI dismissed arguments calling for the regulation of such assets and called for an outright ban. RBI’s core concerns were related to cryptocurrencies threatening the country’s financial sovereignty. The RBI wrote:

According to the RBI, an increase in the adoption of cryptocurrencies would lead to a danger of crypto replacing the Indian rupee, thereby undermining authorities’ control of monetary policy. In addition, the RBI does not appear to be convinced by arguments citing the relative laissez-faire regulation of cryptocurrencies in developed countries, such as the United States, as a basis that India should do the same: