RBI Governor Shaktikanta Das states that the Reserve Bank of India (RBI) is not different from the Ministry of Finance on cryptocurrencies. While the Minister of Finance said that the administration will not shut down all options and take a calibrated position regarding crypto law, the central bank raised some ‘important concerns.’
RBI Governor Shaktikanta Thursday at the Indian Economic Conclave, which the Network of the Times organized, answered some questions regarding cryptocurrency, digital rupee and future legislation on digital currency.
There were questions as to whether the Ministry of Finance and the Central Bank share the same view of India’s cryptocurrency. The Central Bank expressed its “significant concerns” about cryptocurrencies, despite the statement from Finance Minister Nirmala Sitharaman that the government does not stop any cryptocurrencies options and adopts a calibrated approach.
If there is any difference of opinion from the central Bank and the finance ministry on cryptocurrency, the RBI governor affirmed, during the Economic Conclave on Thursday
“I do not think the finance ministry or the Reserve Bank has given any different points of view … I have reasons to believe that the government is in agreement”
“I believe this is no difference of opinion,” reiterated Das, adding that “the digital currency of the central bank is one thing, while the cryptocurrencies being traded in the market are another.”
The Governor of the Central Bank of India stressed that both the RBI and the government are “in favor of financial stability.
“We have flagged certain concerns around these cryptocurrencies which are being traded in the market. We have flagged certain major concerns to the government”
“The government is still under scrutiny and a decision will come out sooner than later,” Das concluded.
