State Bank of India (SBI) Chairman Calls for Cryptocurrency Regulation in the Country

Government Controlled Bank, State Bank of India (SBI) Chairman, Rajnish Kumar, Calls For Regulation of Cryptocurrencies in the Country.

Speaking in an interview, Kumar highlighted the need to set up regulations on the cryptocurrency industry instead of the blanket ban currently enforced in the country. As the chairman to one of the largest banks in the world, he believes having a regulated cryptocurrency focuses towards the ever digitizing economy and will discourage use of “dark web digital assets”.

According to a post on the Indian Economic Times, Kumar said,

“Let's see. Because there's a dark side of the internet also. There can be misuse of the digital currencies. That is why regulation is must.”

Courts Give Lukewarm Signals on Revoking the Crypto Ban

According to a research by Crebaco Blockchain expert, the proposed blanket ban will set back India’s economy close to $13 billion. The huge loss is already starting to be felt as multiple cryptocurrency exchanges and businesses have closed shop or moved abroad since looking for a better regulatory environment. Furthermore, exchanges filed a lawsuit in the Supreme Court of India asking the courts to revoke the ban.

In a recent judgement, the courts gave a reprieve to crypto investors and businesses asking the Reserve Bank of India (RBI) to explain their crypto ban to the courts. On the day of hearing the Supreme Court postponed the hearing on the ban for the third time leaving investors waiting on the possibility of the courts revoking the ban.