NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

RBI Forced Inter-ministerial Panel to Propose Ban on Bitcoin: Report

Davit Babayan
Davit Babayan
1 year ago
2 mins read
rbi, bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The central government initially wanted to regulate the bitcoin sector but changed its stand due to objection from the Reserve Bank of India (RBI), reports Business Standard.

The Indian daily claimed that Economic Affairs Secretary Subhash Chandra Garg, who was heading the interministerial committee to study cryptocurrencies, favored regulating them. He looked at bitcoin as an “economical phenomenon” and believed monitoring it would yield better results.

The central government was initially in favor of "regulating" cryptocurrencies instead of imposing a Ban. DEA Secy Garg pressed for accepting virtual currencies as an economic phenomenon. According to Business Standard @someshjha7 #BitcoinSahiHai #IndiaWantsCrypto pic.twitter.com/QmmQWk53hS

— Sohail Merchant (@inkparadox) July 23, 2019

Garg, in the first committee meeting held on November 27, 2017, admitted that enforcing a ban on the cryptocurrency industry was difficult. He feared that the government’s crackdown on the emerging crypto sector would move the players underground, which would further lead to the use of cryptocurrencies in nefarious activities.

That allowed Garg to propose that the government treats cryptocurrencies like bitcoin as commodities or financial assets, minutes of the meeting showed.

RBI Recommended Complete Ban on Bitcoin

RBI did not agree with the proposals made by the Garg committee. In the next meeting held on February 22, 2018, the Indian central bank proposed a complete ban on bitcoin and other cryptocurrencies. That soon followed the release of a circular that ordered all the Indian banks to cut ties with cryptocurrency exchanges.

Business Standard noted that the RBI reached to its anti-bitcoin conclusion soon after Arun Jaitley, the Finance Minister of India at that time, said in the parliament that their government does not recognize bitcoin as legal tender. Jaitley also said that they would take all the measures to eliminate its use.

https://www.youtube.com/watch?v=YHYNoSxpAmc

RBI Deputy Governor BP Kanungo and then Central Board of Direct Taxes (CBDT) Chair Sushil Chandra both supported Jaitley’s stance. Chandra said bitcoin favors “a chain of black money,” adding that exchanges used illegitimate techniques to lure inexperienced investors into purchasing the cryptocurrency.

However, Garg opposed those views. The bureaucrat reminded the regulators that G20 at that time was also looking into the matter. He also cited countries like South Korea that earlier attempted to ban bitcoin but later had to reverse their calls knowing that enforcing a ban on bitcoin was difficult. The minutes of the meeting read:

“Secretary (EA) said that the option of banning can be looked afresh and asked RBI and CBDT to prepare draft law which might be needed to be prepared in case banning option is accepted. Using cryptocurrencies in payment systems may be banned but not in its entirety considering the nature of technology.”

Ministry of Electronics and Information Technology Secretary Ajay Prakash Sawhney supported Garg, saying that India, being an IT-driven nation, cannot afford to lose innovations like cryptocurrencies.

The Missing Draft

The minutes explained that the committee prepared two drafts: one that favors a ban, and the other that support regulations. The ‘bitcoin ban’ draft appeared before the public for the first time on Monday. The draft that supported the regulating of bitcoin and other cryptocurrencies remains inaccessible.

Tweet123Share196ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

MicroStrategy

Beyond MicroStrategy: Top 10 Crypto Treasury Stocks to Monitor

As Bitcoin and digital assets gain mainstream credibility, a new wave of publicly traded companies is turning to crypto treasury...

PR Desk 3 hours ago
Ethereum

Ethereum Rips Through Thin Zone: A Loud Move After Weeks of Silence

After weeks of whisper-quiet consolidation, Ethereum has finally found its voice, roaring through a historically thin price zone with conviction....

Godspower Owie 3 hours ago

How a Single Burn Sparked a Frenzy: $FUN Skyrockets Towards 500% After 25 Million Tokens Burn

Few events in crypto can ignite a market rally quite like a well-timed burn. For FUNToken, the June 24 announcement...

NewsBTC 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin’s Next Milestone: $250K In Sight After $120K Test, Analyst Says

Christian Encila 43 minutes ago
XRP

XRP Becomes Top 3 Crypto After ProShares ETF Approval, Can It Flip ETH?

Scott Matherson 2 hours ago

Deepseek crypto prediction despre proiecte cu potențial

Elvira C. 2 hours ago

Premium Sponsors

Press Releases

  • 2 kryptoměny s extrémně vysokým oceněním, které mohou stát za to riziko

    2 kryptoměny s extrémně vysokým oceněním, které...

    1 hour ago
  • 2 rendkívül magas árfolyamú kriptovaluta, amelyeket érdemes lehet kockáztatni

    2 rendkívül magas árfolyamú kriptovaluta, amelyeket...

    2 hours ago
  • 2 криптовалути с небесни оценки...

    5 hours ago
  • 仮想通貨プレセール|ビットコイン向け最速かつ唯一の本格レイヤー2が300万ドル突破

    ...

    5 hours ago
  • 2 rendkívül magas árfolyamú kriptovaluta, amelyeket érdemes lehet kockáztatni

    ...

    5 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.