The government and the banks themselves are still trying to figure out the meaning and the nature of digital currencies. In the eyes of the RBI Deputy Governor Rabi Sankar, cryptocurrencies should be approached with great caution and say that it involves a lot of risks for both the investors and the management, especially if the whole system collapses.<\/p>\n
This alone could lead to many problems, as expected, but the question is how to renew the balance again. Those are not the risks that the Indian government wants to take, because they could lead to enormous financial instability.<\/p>\n
The RBI Deputy Governor proposed a ban on every cryptocurrency, a few days after the Indian government settled a taxation framework for them. Rabi does not accept the argument that cryptocurrencies must be consented to for blockchain technology to thrive.<\/p>\n