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RBI Told Board It Wants Blanket Crypto Ban, Economic Times Says

Outside the Reserve Bank of India (RBI) building in Mumbai, India

Outside the Reserve Bank of India (RBI) building in Mumbai, India

Photographer: Kanishka Sonthalia/Bloomberg
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The Reserve Bank of India said it favors a complete ban on cryptocurrencies at a meeting of its central board on Friday, the Economic Times reported, citing unnamed people familiar with the deliberations.

India’s central bank made a detailed presentation to its board highlighting “serious concerns” around the impact of cryptocurrencies on macroeconomic and financial stability, as well as exchange management, the newspaper said.