India to Prevent Banks from Owning Crypto

India's central bank is planning to prevent the country's financial institutions from owning Bitcoin (CRYPTO: $BTC) and other cryptocurrencies.

Crypto Policy

India's central bank said its new crypto policy is "leaning towards prohibition," while tax officials have raised concerns about monitoring digital asset transactions.

■The Reserve Bank of India said banks and financial institutions should be barred from holding, trading, or gaining exposure to any crypto assets.

■Ripple, the company behind XRP, is valued at $50 billion.

■Eightco secured a $125 million investment from Bitmine and ARK Invest, shares surged.

Market Situation

India's government has said that crypto transactions routed through overseas exchanges and private wallets make it harder to identify owners and recover tax revenue.

■India has nearly 39 million cryptocurrency investors who collectively hold about $2.1 billion U.S. worth of digital assets.

■Bitcoin is trading at $61,800 U.S. on July 8.

India's move to prevent banks from owning crypto is seen as a significant development in the global markets. This could lead to further regulation and transparency in the crypto markets. However, it could also pose some challenges for crypto investors.