Cryptocurrency difficult to regulate, RBI tells Parliamentary panel

The Reserve Bank of India has firmly stated its opposition to legalizing cryptocurrencies, citing concerns about their potential to fund illicit activities like drug trafficking and terrorism. The central bank emphasized the challenges in regulating virtual digital assets, particularly for emerging economies like India. In contrast, the Institute of Chartered Accountants of India sees VDAs as strategic opportunities, advocating for a comprehensive law to boost cross-border payments and fintech innovation.