The Reserve Bank of India reiterated its support for a "curb-prone ban" strategy on crypto assets, recommending that banks refrain from holding or trading crypto assets.
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The Reserve Bank of India reiterated its opposition to the legalization of cryptocurrencies to a parliamentary panel, favoring a containment-style regulatory approach.
According to Foresight News , citing the Economic Times, the Reserve Bank of India (RBI) reiterated its opposition to legalizing virtual digital assets (VDAs, including cryptocurrencies) to the Standing Committee on Finance of the Indian Parliament on Thursday, arguing that such assets pose a threat to emerging economies. This marks the first time the RBI has directly addressed the issue of cryptocurrencies to the committee, which was holding a meeting that day to discuss "Research on Virtual Digital Assets and Future Paths." RBI officials stated that virtual digital assets should not be granted legal status at this stage, arguing that such assets could be used for illicit activities such as terrorist financing and drug trafficking, and that regulating related offshore entities would be difficult. According to another report, the RBI favors a prohibitive containment strategy to ensure that banks and regulated financial institutions are protected from the risks associated with this asset class. The RBI also criticized stablecoins pegged to fiat currencies (such as the US dollar), arguing that they undermine national monetary sovereignty, and advocated that users switch to a central bank digital currency (CBDC) issued by the RBI itself for virtual asset transactions. Following the meeting, Committee Chairman Bhartruhari Mahtab told the media that the RBI opposes legalizing virtual digital assets in India. He also noted that compared to other digital assets, the RBI's own digital currency (e-rupee) is "not a thriving asset," currently boasting approximately 10 million users, representing only 0.42% of India's population, and struggling to gain traction despite the unified payment interface (UPI, which processes over 300 million transactions daily). The meeting also heard feedback from the Institute of Chartered Accountants of India (ICAI), which supports a comprehensive legal framework for virtual digital assets. The RBI also questioned long-held claims that India is one of the world's largest adopters of cryptocurrency, arguing that the statistical methods used by private blockchain analytics firms are flawed and may overestimate adoption rates in more populous countries.
The Reserve Bank of India supports the cryptocurrency ban, while tax authorities warn of potential tax evasion risks.
According to Reuters, the Reserve Bank of India (RBI) has reiterated its call for a “ban” on cryptocurrencies, while the country’s tax authorities have warned that transactions conducted through offshore exchanges are difficult to trace. These documents reveal that while the government has not yet enacted a policy banning or regulating cryptocurrencies, key Indian government agencies are leaning towards stricter restrictions on virtual digital assets. India has allowed cryptocurrencies to exist in a gray area since a 2018 court ruling that the RBI’s de facto ban on cryptocurrencies was invalid. Legislation drafted in 2021 to ban private cryptocurrencies has never been submitted to parliament, and a discussion document on the issue has been repeatedly delayed. The government has postponed the implementation of a formal virtual asset policy, stating that any plan should balance innovation with risk management while protecting monetary sovereignty, financial stability, and preventing consumer losses.
Opinion: Warsh should publicly resist Trump's pressure on the Federal Reserve and uphold the central bank's independence.
According to Mars Finance, on July 6th, Bloomberg columnist Jonathan Levin published an article stating that US President Trump and his allies are continuously pushing to influence Federal Reserve decisions through personnel changes, including attempting to replace Fed Governor Lisa Cook and interfering in the selection of the Federal Reserve Bank of Atlanta president, in order to expand the influence of White House supporters on the Federal Open Market Committee (FOMC). Levin believes that Kevin Warsh, considered a leading candidate for the next Fed chair, should publicly oppose White House interference, support Jerome Powell and Cook to complete their terms, and demand that the White House withdraw from the selection process for regional Fed presidents; otherwise, his future credibility in leading the Fed and his influence within the committee will be weakened. The Fed's independence is key to maintaining stable inflation expectations and the credibility of monetary policy; continued political interference could damage the stability of the US macroeconomy.
Revolut, OpenReserve get preliminary US bank approval with crypto plans
Revolut and OpenReserve received preliminary OCC approval to form US national banks, with both planning cryptocurrency and stablecoin-related services.
Privy has launched a fiat currency deposit channel, supporting the direct purchase of cryptocurrencies via bank cards.
According to Foresight News , decentralized wallet infrastructure provider Privy has announced the launch of fiat onramp functionality on its platform. Users can now directly purchase cryptocurrency using their bank cards within apps integrated with Privy, without needing to switch to other platforms. This feature is supported in the US and EU by Stripe's Crypto Onramp, and combined with Privy's own aggregator covering over 100 other countries and regions, developers can directly transfer funds to designated target wallets with a single integration.
Swiss private bank Julius Baer: The Federal Reserve is unlikely to raise interest rates, and gold prices are expected to rebound.
According to Mars Finance, citing Jinshi, Swiss private bank Julius Baer predicts that the Federal Reserve is unlikely to raise interest rates and the dollar may weaken, thus gold prices are expected to recover lost ground.