The ban on the private crypto in India will be a fact very soon – after a few days.
The looming law forced seven of the country’s crypto exchanges to join power and try to reach out Indian’s Finance minister and the Central bank.
India’s Blockchain and Crypto Council plans a presentation with recommendations on how to effectively regulate cryptocurrencies and mitigate risks usually associated with them. The most important guests of this event are the Finance minister Nirmala Sitharaman and RBI’s (Reserve Bank of India) representatives.
The Crypto union prepared a presentation containing data on global regulatory practices, potential consequences of the ban and other materials.
According to the RBI “We have certain major concerns about cryptocurrency. We have communicated them to the government. On crypto, we have major concerns from a financial stability angle which we have shared with the government”. The institution believes that the private crypto can cause “financial instability”.
Between 2015 and 2018 the crypto exchange Unocoin and the trading platform ZebPay reached out to the RBI up to five times but without any results. “We have approached different high-level officers at the RBI, but it’s only been a one-way conversation”.