India's central bank seeks total ban on cryptocurrencies

The Reserve Bank of India (RBI) has opposed legalisation of the cryptocurrency market. It believes that the term 'cryptocurrencies' is very vague and digital money itself is similar to gambling. The regulator will push for a total ban on cryptocurrency trading in his country.

The central bank chief explained that the proliferation of cryptocurrencies threatens that the RBI will completely lose control over the amount of money in the economy.

The official argued that 20% of transactions in India are already done in cryptocurrencies. These transactions are not controlled or regulated by the central bank.