Reserve Bank of India still favors crypto prohibition to curtail tax evasion: Reuters

The Reserve Bank of India continues to favor a crypto prohibition to curtail tax evasion and keep digital assets out of the financial system. While the central bank backs this ban, reports indicate that such a stance may stifle innovation and push crypto activities underground. This shift could potentially complicate tax enforcement and hinder overall economic growth, as the tax department warns of persistent evasion risks associated with these decentralized assets within India.