11:50 (IST)

RBI Counsel commences arguments with a discussion of existing peer-to-peer exchange programs that are operating in India. He highlighted that crypto exchange platforms allowed consumers to transfer funds freely across international borders. Therefore, their cybersecurity risks could not be denied. Counsel argued that crypto poses a risk to the Foreign Exchange Monetary Act (FEMA), Combatting of Financing Terrorism (CFT) guidelines and Anti-Money Laundering (AML) standards.

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