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Once again, India's Reserve Bank has underlined its long-standing opposition to cryptocurrencies, saying they endanger financial stability, consumer protection, and monetary policy. Recent stories claim RBI officials told a parliamentary panel that their issues haven't changed and no companies are allowed to run crypto-related programs in India.
Unclear rules still cause serious compliance issues. Strict tax laws, along with ill-defined anti-money laundering (AML) and counter-terrorism financing (CFT) standards, expose consumers and systems to legal risks even when trading on registered exchanges.
The RBI's position for the market suggests that limiting policies will probably keep going, especially with regard to payment integration and bank access. Although a total prohibition is not now anticipated, the central bank's stance is predicted to keep crypto at a distance, therefore reducing liquidity development in the second-largest economy on Earth and raising compliance costs for Indian traders.
