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RBI Confirms Cryptocurrencies Fall Outside Its Regulatory Scope

The Reserve Bank of India states it has no direct regulatory authority over cryptocurrencies, clarifying its jurisdictional limitations.

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Terms & Concepts
  • Regulatory Scope: The range of activities or entities that a regulatory body has official authority to oversee or control.
  • Cryptocurrency: A digital or virtual currency secured by cryptography, typically operating on decentralized blockchain networks.
  • Reserve Bank of India (RBI): India’s central banking institution, responsible for monetary policy, currency issuance, and regulation of the financial system.