The Indian Reserve Bank (RBI) said that cryptographic efficiencies do not currently jeopardize financial stability in its recent financial statement published on December 28.
A document titled "Report on Trends and Banking Activity in India 2017-2018." It reads:
"Repo-active is currently not a risk to global financial stability, but the market is still developing fast, and this initial estimate can be changed if cryptographic assets become increasingly used or linked to the core of the regulated financial system.
RBI has concluded the recent report of the Financial Stability Committee (FSB), international agencies composed of banking and financial institutions from different countries, including India. The IRB is a member of CSF, together with the Securities and Exchange Commission and the Ministry of Finance of the country.
In its study entitled "Crypto-Active Markets: Potential Roads for Future Financial Stability," released in October, the FSB said bankers did not see any significant risk of cryptocurrencies, their market capitalization totalling 2%. The total value of gold. However, the board called on observers to look at the digital parts markets, given their rapid growth.
The RBI reiterated that position in its December report, stating that cryptocurrencies should be "constantly monitored" given their rapid expansion over the last few years.
The legal framework regulating currency crypts in India remains unclear since RBI officially banned all banks from dealing with cryptocurrencies in April. The de facto ban came into force in June, while Supreme Court hearings on this case - initiated by local cryptographic companies - were repeatedly postponed. At the same time, the Indian government panel would consider a complete ban on cryptography.
Originally, RBI planned to launch its digital currency, called the "Laxmi". However, in January, the bank refrained from creating the fixed currency of the Rupee, saying it was too early to think about it.
Yesterday, January 3, police in the Indian state of Jammu and Kashmir issued a statement warning the public not investing in cryptocurrencies because of "increased risk" associated with them, authorities also added that the Indian government does not regulate digital currencies.