The Reserve Bank of India (or RBI), the central bank of India will meet on Thursday PublishedThis bulletin is critical about the cryptocurrency market. Although the report was positive about the use of innovative distributed ledger technology to create digital currencies, RBI strongly opposed regulation. Instead it called for a complete ban. The RBI had core concerns about cryptocurrencies, which could threaten the country’s financial sovereignty. This is what the RBI said:

According to RBI, increasing adoption of cryptocurrency would pose a risk of the Indian rupee becoming obsolete and could result in authorities losing control over their monetary policies. Arguments citing relative laissez faire regulation of cryptocurrencies in developed countries like the United States, do not seem to convince the RBI. United StatesThis is a good example of why India should follow suit: