India's Central Bank RBI Says Crypto Is Prone to Fraud and Poses Immediate Risks to Consumer Protection – Regulation Bitcoin News

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'Cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism (CFT).' bitcoin crypto defi

India's Central Bank RBI Says Crypto Is Prone to Fraud and Poses Immediate Risks to Consumer Protection

“Private cryptocurrencies pose immediate risks to customer protection and anti-money laundering / combating the financing of terrorism ,” the RBI stressed. The report also references the finding of the Financial Action Task Force which states that “the virtual asset ecosystem has seen the rise of anonymity-enhanced cryptocurrencies , mixers and tumblers, decentralized platforms and exchanges, privacy wallets, and other types of products and services that enable or allow for reduced transparency and increased obfuscation of financial flows.

Noting that the market capitalization of the top 100 cryptocurrencies has reached $2.8 trillion, the RBI warned that “In the EMEs [emerging market economies] that are subject to capital controls, free accessibility of crypto assets to residents can undermine their capital regulation framework.”

 

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The central bank should work with platforms like bitfinex to adopt crypto and not ban it.

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Same goes with fiat… idiot

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Like India dosent have corruption ? They have corruption at every level of the government and finance sector

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My prime question is why jus india is facing all this n rest no outh big big countries Come on PMOIndia wake up technology will revolutionize any how with or without you. Why only india is having issue of money laundering Such a sick thinking 1st save india from COVID

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It’s well known that India is one of the mature democracies in the world they’re cautiously & consciously moving in the right direction for regulation. This kind of FUD is clearly meant to undermine Indias efforts and/or create panic.FUD news sponsored by their envious neighbors.

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Fiat money are dangerous BankofIndia_IN

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