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Market Chatter: India's Central Bank Reiterates Call for Crypto Curbs as Tax Department Flags Oversight Challenges

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India's central bank has renewed its call for a cryptocurrency policy that leans toward prohibition, amid warnings from the country's tax department that trading through offshore exchanges is difficult to monitor, Reuters reported on Wednesday, citing government documents.

The documents indicate that key government agencies favor tighter restrictions on virtual digital assets even as India has yet to adopt a formal policy to ban or regulate cryptocurrencies.

The Reserve Bank of India proposed to stop banks and financial institutions from having any involvement with crypto assets and private stablecoins to limit financial stability risks, according to the report.

The tax department reportedly identified cases of misreporting of cryptocurrency holdings under income tax disclosures. Less than a quarter of the 645,000 crypto traders reported their transactions in income tax returns for the financial year ended March 2023, the report noted.

RBI did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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