Indian Regulator Is Wary Of Crypto Currency Influence On Rupiah
Quartz media outlet reports referring to the sources familiar with the matter that Indian government is wary of crypto currency influence on country’s national currency and believe that Bitcoin may destabilize rupiah.
Indian government takes a tough stance on crypto currencies, highlighting that the digital money is convenient for money laundering and terrorism financing.
Development of a crypto industry regulation draft had been postponed for a long time, however, it became known recently that the legislation for crypto currency regulation is at finalization stage.
As a legislator Subhash Chandra Garg notes that interdepartmental cryptocurrency committee is wary of influence that Bitcoin may have on national currency.
An anonymous source familiar with the matter told Quartz that possible destabilization of a fiat currency was the main problem. If Bitcoin or any other crypto currency is recognized as a payment method, it will probably be destabilized.
To recap, earlier, The Reserve Bank Of India (RBI) claimed that the crypto currencies are safe for global financial stability.