State Bank of India Chairman Supports Crypto Regulation

Asia Blockchain Review
November 5, 2019

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.”

Promoting Crypto Regulation in India

According to a report by, 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.

Possibility of Crypto Ban from Indian Government

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.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us