India’s Central Bank Reaffirms Push for Crypto Ban as Tax Officials Flag Evasion Risks
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India's Reserve Bank reiterated support for keeping crypto out of the financial system and several agencies favor tighter restrictions on virtual assets to protect financial stability, though no formal ban has been enacted. Tax officials said offshore exchanges and private wallets complicate tax enforcement as nearly 39 million Indians held about $2.1 billion in crypto, underscoring risks to adoption, tax compliance, security and CEX/DEX activity.
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- India’s central bank renewed support for a crypto ban to safeguard financial stability.
- Tax officials said offshore exchanges and private wallets complicate crypto tax enforcement.
- Nearly 39 million Indians held about $2.1 billion in crypto despite regulatory uncertainty.
India’s central bank has renewed its support for a crypto policy that leans toward prohibition. At the same time, the country’s tax authorities noted that offshore trading platforms and private wallets are making it harder to track crypto transactions and enforce tax compliance.
According to internal government documents, several Indian agencies favor tighter restrictions on virtual digital assets. However, the government has yet to adopt a formal policy to regulate or ban cryptocurrencies.
RBI Wants Crypto Kept Outside Financial System
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