Reserve Bank of India still favors crypto prohibition to curtail tax evasion: Reuters
Indian regulators maintained a hawkish stance despite the growing embrace of digital assets and technology by governments worldwide.
AI Summary
The Reserve Bank of India is maintaining a policy favoring crypto prohibition, citing concerns about tax evasion, financial contagion, and capital outflows. Tax officials report serious compliance gaps, including underreporting of crypto gains and difficulty tracking offshore and peer-to-peer transactions. This stance persists despite India having nearly 39 million crypto investors holding roughly $2.1 billion in digital assets.