Total crypto ban is difficult to implement, crypto assets should be regulated – regulation

A renowned economist who is a member of India's Monetary Policy Committee says a complete ban on cryptocurrencies would be difficult to implement and "would only increase illegal activities and participation on the dark web." She believes that crypto assets should be regulated.

Monetary Policy Committee member says a complete crypto ban would be difficult to implement

Ashima Goyal, member of India's Monetary Policy Committee, spoke about cryptocurrency in an interview with PTI on Sunday. The Monetary Policy Committee (MPC) sets the key interest rate required to achieve the inflation target.

Goyal has served on several government committees, including the Prime Minister's Economic Advisory Council and the Reserve Bank of India (RBI) Technical Advisory Committee on Monetary Policy. She has published widely in the areas of institutional and open economics, macroeconomics, international finance and governance.

In response to a question about cryptocurrencies, she said they should be called crypto tokens instead because they are not acceptable or appropriate as currencies. Additionally, she said they should be banned as legal tender but regulated as tokens.

Goyal added: “Only large transactions by investors who are aware of the risks should be allowed,” stating:

A total ban is difficult to implement and would only increase illegal activity and participation on the dark web.

In its recent Central Board of Governors meeting, the RBI asked the government to Ban crypto completely that a partial ban doesn't work.

Also the RBI recently said that cryptocurrencies are “vulnerable to fraud and extreme price volatility” and emphasizes that they pose “immediate risks to customer protection and anti-money laundering (AML)/countering the financing of terrorism (CFT).”

Currently, there is no law specific to cryptocurrencies in India, but the Indian government is working on cryptocurrency legislation. However, a crypto bill put forward for consideration in the winter session of Parliament was not taken up. The government is now alleged revision the bill.

Do you think cryptocurrencies can be completely banned by the Indian government? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the interface between economics and cryptography.

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