India's Central Bank is worried that the rising interest in cryptocurrencies may lead to the dollarization of its domestic economy.
India’s Central Bank Reiterates Negative Views on Cryptocurrencies: ReportIndia’s Central Bank is worried that the rising interest in cryptocurrencies may lead to the dollarization of its domestic economy.
The news came on the heels of Coinbase CEO Brian Armstrong blaming India’s central bank for denying the Unified Payments Interface services that led to the trading services being halted days after its launch last month.by The Economic Times, the RBI expressed “comprehensions” toward cryptocurrencies when briefing the Parliamentary Standing Committee on Finance.
“It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.”
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