The Ministry of Finance of India again called for a complete ban on cryptos

by in Cryptocurrency News

India

Indian Finance Minister Nirmala Sitharaman reaffirmed her department's tough stance on digital currencies.

Back in April, she expressed concern that cryptocurrencies were often used in criminal schemes.

The Ministry of Finance and the Reserve Bank of India believe that bitcoin cannot be used as a means of payment in the domestic market.

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States need to develop a model of interaction in the field of crypto-regulation, which will help minimize the scale of criminal misuse of such tools.

The Minister emphasized: "The Central Bank recommends developing legislation in this sector. The Central Bank believes that cryptocurrencies should be banned. Cryptocurrencies, by definition, have no borders and require international cooperation for improved regulation. Therefore, any legislation to regulate or restrict access can only be effective in the context of international cooperation and after assessing all potential risks."