New Delhi, July 3 -- The Reserve Bank of India (RBI) reiterated before a parliamentary committee that it is not in favour of allowing cryptocurrencies in India, citing their alleged use in illegal activities and their regulatory challenges. Confirming the deliberations, standing committee on finance chairman Bhartruhari Mahtab said, "This was a discussion about virtual assets. This is the seventh meeting we have had today with the RBI regarding virtual digital assets. Subsequently, we also had a meeting with the Institute of Chartered Accountants of India." At the meeting, senior RBI officials gave a presentation on virtual digital assets (VDAs) and the approaches adopted by different countries. According to functionaries aware of the detai...