India’s State Bank in Favour of the Country’s Harsh Crypto Regulation

One of the biggest banks in the world has just come out to say they don’t really mind about the big cryptocurrency regulations in the nation.

Specifically, that nation is India as the chairman of the country’s State Bank, Rajnish Kumar claims that regulation is a necessity for cryptocurrencies so that unlawful use can be prevented. According to the Economic Times, Kumar said:

“Let’s see. Because there’s a dark side of the internet also. There can be misuse of the digital currencies. That is why regulation is must.”

As it stands, cryptocurrencies in India face some pretty tough restrictions. A good example is the regulations on Financial institutions which have been banned by the Reserve Bank of India from offering their services to crypto-related businesses and this includes cryptocurrency platforms. It’s getting so bad that a lot of platforms have had to either shut down or move their businesses elsewhere.

The government in India has also suggested that it is prepared to start adopting heavy-handed measures to rein in the sector. Reports surfaced earlier in the year that the lawmakers in the nation had filed a bill which would see anyone breaking the crypto laws put in jail for more than ten years.

The Finance Minister in India has recently suggested that the country’s heavy-handed stance on cryptocurrencies was actually justified. But he hints the main reason is that everyone else in the world has concerns regarding cryptocurrencies like Bitcoin or Libra.

“On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!