The Reserve Bank of India (RBI) has reaffirmed its position advocating for a policy "leaning towards prohibition" of cryptocurrencies, citing concerns over financial stability and monetary sovereignty. In a recent submission to the Parliamentary Standing Committee on Finance, RBI officials emphasized the need to prevent banks and financial institutions from holding, trading, or providing exposure to crypto assets and privately issued stablecoins. They argued that such exposure could lead to systemic risks and undermine the integrity of the financial system. ( still favors crypto prohibition amid tax evasion fears]( Published on Tuesday, July 07
- [RBI backs crypto ban, tax department warns of evasion risks, documents show - The Economic Times]( Published on Tuesday, July 07
- [RBI reiterates call for crypto curbs; tax department warns of evasion risks | Cryptocurrency - Business Standard]( Published on Tuesday, July 07