why the crypto currency is ban in India?
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Cryptocurrency has mostly been warned against in India because of the risks it poses. Banks in India were also banned from dealing in cryptocurrencies until today after the Supreme Court quashed this restriction. Entities regulated by the RBI had also been restricted from dealing with virtual currencies.
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Because the possibility of it being misused for unlawful activities. Reserve Bank of India (RBI) had issued a note cautioning Indians about financial, legal and security risks of cryptocurrency.
Earlier this month, the RBI told its board that a ‘complete ban’ on crypto was needed as partial restrictions won’t work.
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