Reserve Bank of India still favors crypto prohibition to curtail tax evasion: Reuters
RBI maintains opposition to crypto, advocating prohibition to combat tax evasion and capital flight. India's 39 million crypto investors operate in regulatory limbo as authorities cite financial contagion risks and seigniorage concerns. Tax officials report less than 25% compliance on crypto gains. The central bank opposes bank exposure to all cryptocurrencies and stablecoins, citing external deficit vulnerabilities and tracking difficulties.
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