'Cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism (CFT).' bitcoin crypto defi
India's Central Bank RBI Says Crypto Is Prone to Fraud and Poses Immediate Risks to Consumer Protection
“Private cryptocurrencies pose immediate risks to customer protection and anti-money laundering / combating the financing of terrorism ,” the RBI stressed. The report also references the finding of the Financial Action Task Force which states that “the virtual asset ecosystem has seen the rise of anonymity-enhanced cryptocurrencies , mixers and tumblers, decentralized platforms and exchanges, privacy wallets, and other types of products and services that enable or allow for reduced transparency and increased obfuscation of financial flows.
Noting that the market capitalization of the top 100 cryptocurrencies has reached $2.8 trillion, the RBI warned that “In the EMEs [emerging market economies] that are subject to capital controls, free accessibility of crypto assets to residents can undermine their capital regulation framework.”
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