{"id":208629,"date":"2021-12-19T13:34:37","date_gmt":"2021-12-19T13:34:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=208629"},"modified":"2021-12-19T13:34:37","modified_gmt":"2021-12-19T13:34:37","slug":"indias-top-bank-calls-for-complete-crypto-ban","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/indias-top-bank-calls-for-complete-crypto-ban\/","title":{"rendered":"India\u2019s top bank calls for complete crypto ban"},"content":{"rendered":"<p>With authorities in <a href=\"http:\/\/cryptoslate.com\/places\/india\">India<\/a> still unsure on how to deal with the crypto industry, the apex bank of the Asian country has reportedly made it clear that it would prefer the country to tow the China path by completely banning crypto.<\/p>\n<h2>RBI insists on banning crypto<\/h2>\n<p>According to the <a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/in-favour-of-complete-ban-on-cryptos-rbi-to-central-board\/articleshow\/88350099.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst\">Economic Times<\/a>, the bank made this stand clear during its 592nd board of directors meeting where it shockingly indicated a preference for an outright ban on crypto, citing major concerns for the country\u2019s economy.<\/p>\n<p>An anonymous source privy to the meeting said the Reserve Bank of India (RBI)\u00a0 highlighted the threats of crypto on the macroeconomic policy of the country and the instability these digital assets could cause. Also, they mentioned how concerned they were with the management of exchanges operating under their jurisdiction.<\/p>\n<p>With all of the foregoing concerns tabled, the RBI maintained its oft-repeated stance that the best way to put to bed its concerns about crypto would be a total blanket ban on the space.<\/p>\n<p>Notably, this is not the first time that the apex bank has maintained a high level of hostility towards the industry. In October, the bank's governor, Shaktikanta Das, said that cryptocurrencies due to their unregulated nature would pose serious threats to any financial system in the world.<\/p>\n<p>Also, the bank had earlier succeeded in banning the space for around 2 years but this was overturned by a ruling by India\u2019s Supreme Court.<\/p>\n<h2>India\u2019s new crypto bill<\/h2>\n<p>Authorities in India have recently been proposing a new crypto bill tagged the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.<\/p>\n<p>Per a previous <a href=\"https:\/\/cryptoslate.com\/indian-prime-minister-to-make-the-final-call-concerning-crypto-regulation-in-india\/\">report<\/a> from CryptoSlate:<\/p>\n<blockquote><p>\u201cThe bill was slated to be introduced in the last budget session but was delayed as the government decided to modify certain sections of the proposed draft.\u201d<\/p><\/blockquote>\n<p>Interestingly, India\u2019s PM Narendra Modi Twitter account was <a href=\"https:\/\/cryptoslate.com\/amid-call-for-crypto-regulation-hacker-uses-indias-pm-twitter-account-to-promote-fake-btc-giveaway\/\">recently hacked<\/a> and used to promote a Bitcoin giveaway scam.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With authorities in India still unsure on how to deal with the crypto industry, the apex bank of the Asian country has reportedly made it clear that it would prefer the country to tow the China path by completely banning crypto. RBI insists on banning crypto According to the Economic Times, the bank made this [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":208636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76747,11],"tags":[77184,77195],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India\u2019s top bank calls for complete crypto ban<\/title>\n<meta name=\"description\" content=\"Authorities in India, in a recent board meeting, has urged the country to outrightly ban crypto in bid to protect citizens.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/indias-top-bank-calls-for-complete-crypto-ban\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India\u2019s top bank calls for complete crypto ban\" \/>\n<meta property=\"og:description\" content=\"Authorities in India, in a recent board meeting, has urged the country to outrightly ban crypto in bid to protect citizens.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/indias-top-bank-calls-for-complete-crypto-ban\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-19T13:34:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/india-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/indias-top-bank-calls-for-complete-crypto-ban\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/indias-top-bank-calls-for-complete-crypto-ban\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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