In an interview with PTI on Sunday, Ashima Goyal, a member of India's Monetary Policy Committee, discussed <a href="https://www.cryptoknowmics.com/news/bitcoin-will-be-legal-tender-in-2-more-countries-this-year-el-salvadors-president-predicts/">bitcoin</a>. The policy interest rate required to meet the inflation objective is determined by the Monetary Policy Committee (MPC).

Goyal has served on a number of government bodies, including the Prime Minister's Economic Advisory Council and the Reserve Bank of India's (<a href="https://www.cryptoknowmics.com/news/security-issues-and-digital-frauds-are-major-cbdc-concerns-rbi-governor/">RBI</a>) monetary policy technical advisory council. In institutional and open economy macroeconomics, international finance, and governance, she has published widely.

In response to a query concerning cryptocurrencies, she stated that they should be referred to as crypto tokens rather than currencies because they are neither acceptable nor suitable as currencies. She also stated that they should be prohibited as legal cash but regulated as tokens.

“Only large transactions, from investors who are aware of the risks, maybe permitted,” Goyal added and elaborating:

A total ban is difficult to implement and would only increase illegal activities and participation in the darknet.

The Reserve Bank of India (RBI) recently encouraged the government to outright ban cryptocurrency, claiming that a partial ban would be ineffective.

The Reserve Bank of India recently stated that cryptocurrencies are "prone to fraud and excessive price volatility," and that they "pose immediate concerns to customer protection and anti-money laundering (AML)/counter-terrorist financing (CFT)."

In India, there is currently no regulation dedicated to cryptocurrencies, however, the Indian government is working on it. However, a crypto bill that was scheduled for debate during parliament's winter session was not taken up. The law is currently being reworked by the government, according to reports.

Total Crypto Ban Is Difficult to Implement, Crypto Assets Should Be Regulated: India's Monetary Policy Committee Member

In response to a query concerning cryptocurrencies, she stated that they should be referred to as crypto tokens rather than currencies because they are neither acceptable nor suitable as currencies.

Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

Total Crypto Ban Is Difficult to Implement, Crypto Assets Should Be Regulated: India's Monetary Policy Committee Member

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