The Chairman of the State Bank of India (SBI) has demonstrated his support for cryptocurrency regulation in India during a visit to Washington D.C. to join IMF meetings, saying that regulation is a must as it will help authorities combat the “dark side of the internet.”
According to a report by Bitcoin.com, State Bank of India Chairman Rajnish Kumar has said in an interview that regulations will help prevent “misuses of digital currencies” and that regulations are needed in this rapidly-evolving landscape.
“The way the world is moving towards digitization, at some stage, a regulated cryptocurrency would be a better bet than an unregulated one,” said Kumar. “There’s a dark side of the internet […] There can be misuses of digital currencies. That is why regulation is [a] must.”
Kumar added that government-owned SBI, a Fortune 500 company and the largest bank in India, has been carrying out initiatives to embrace new technologies, including blockchain, to improve the bank’s operations.
In February 2018, Indian lawmakers submitted a bill to the Finance Ministry to ban cryptocurrency in the country altogether, with the supreme court to take further action on the bill in January 2020.
Meanwhile, the Reserve Bank of India (RBI) is set to address banking restrictions for cryptocurrencies on November 19th, 2019.
The banking industry in India is currently undergoing major upheaval, with the government planning to merge 10 public lenders into four mega institutions. In response, employees from several banks have gone on strike to protest the move.
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