India’s central bank wants to ban cryptocurrencies, the government told Parliament on Monday, heightening uncertainty about the future of the nascent virtual digital asset in the world’s second-largest internet market.

Nirmala Sitharaman, India’s finance minister, said on Monday that the Reserve Bank of India had raised concerns about the “destabilizing impact of cryptocurrencies on the country’s monetary and fiscal stability” and recommended “for the development of legislation in this sector,” she said.

“The RBI believes that cryptocurrencies should be banned,” she added.

She added that developing any legislation to regulate or ban cryptocurrencies would require “significant international cooperation” (PDF). The government presented its case in response to a series of questions posed by Tolkappian Tirumalavan, an MP, in the Lok Sabha, India’s lower house.