RBI says virtual assets risk economy, not ready to legalize
Business
The Reserve Bank of India isn't on board with making cryptocurrency legal just yet.
The Reserve Bank of India told Parliament it sees virtual digital assets (VDAs) like Bitcoin and other cryptocurrencies as risky for the economy, mainly because they can be used for illegal activity and are tough to track, especially when traded overseas.
RBI cites bans, ICAI suggests laws
The RBI pointed out that countries like China and Qatar have banned cryptocurrency, while Europe is trying a more regulated approach.
Meanwhile, the Institute of Chartered Accountants of India (ICAI) suggested creating clear laws around VDAs and offered to help with research and guidelines so everyone knows where things stand.