India To Prevent Banks From Owning Crypto

CryptoProwl

Wed, July 8, 2026 astatine 9:17 AM CDT 1 min read

India's cardinal slope is readying to forestall the country's fiscal institutions from owning Bitcoin (CRYPTO: $BTC) and different cryptocurrencies. 

In a written statement, India's cardinal slope said its caller crypto argumentation is "leaning towards prohibition," portion taxation officials person raised concerns astir monitoring integer plus transactions. 

The Reserve Bank of India said banks and fiscal institutions should beryllium barred from holding, trading, oregon gaining vulnerability to immoderate crypto assets. 

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The cardinal slope states that it is important to support integer assets extracurricular the country's regulated fiscal system.

The Reserve Bank of India is besides skeptical of stablecoins, informing that privately issued stablecoins backed by overseas currencies could airs risks to monetary sovereignty. 

At the aforesaid time, India's taxation section has highlighted instances of cryptocurrencies being misreported successful income taxation filings.

The taxation section recovered that less than a 4th (25%) of the 645,000 radical who conducted crypto transactions successful 2023 reported them connected their taxation returns.

India's authorities has said that crypto transactions routed done overseas exchanges and backstage wallets marque it harder to place owners and retrieve taxation revenue. 

Despite the government's views, India remains 1 of the largest crypto markets successful the satellite with astir 39 cardinal cryptocurrency investors who collectively clasp astir $2.1 cardinal U.S. worthy of integer assets.

Bitcoin is trading astatine $61,800 U.S. connected July 8.