CoinDesk·4 min read·medium
Reserve Bank of India still favors crypto prohibition to curtail tax evasion: Reuters
O
Omkar Godbole
✦AI Summary
The Reserve Bank of India continues to advocate for a prohibition on cryptocurrencies, citing concerns over tax evasion and financial system contagion. Despite a large user base in India, regulatory uncertainty persists as tax authorities struggle to track offshore and peer-to-peer transactions.
The Reserve Bank of India is continuing to push for a policy "leaning toward prohibition" and the country’s tax department is fretting over serious compliance gaps, according to government documents reviewed by Reuters .
economycryptotechnology
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