India’s Central Bank RBI Still Has ‘Serious Concerns’ About Cryptocurrency
The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has once again expressed concerns regarding the impact of cryptocurrencies on India’s financial stability. Crypto Presents ‘Serious Concerns’ to RBI The I...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has once again expressed concerns regarding the impact of cryptocurrencies on India’s financial stability.
Crypto Presents ‘Serious Concerns’ to RBIThe Indian government is currently awaiting the Cabinet to take up the crypto bill. However, the country’s central bank, the Reserve Bank of India (RBI), still has major concerns about cryptocurrencies. Governor Shaktikanta Das reportedly said Wednesday:
We have serious, major concerns on cryptocurrency with respect to financial stability, [and] have conveyed the same to government of India.
This is not the first time the RBI chief has voiced concerns regarding cryptocurrencies. In June, he similarly said: “We have major concerns on cryptocurrency, which we have conveyed to the government. With regard to advice to investors, well, central banks don’t give any investment advice. It’s up to each investor to make his own appraisal, to do his own due diligence and take a very careful call with regard to his own investments.”
India’s finance minister, Nirmala Sitharaman, said in July: “The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it.”
However, the Economic Times reported last week that the Indian government is still working on how to regulate cryptocurrencies and is planning to treat them as commodities and regulate per use cases.
This week, the chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, said India’s crypto legislation will be “distinct and unique” due to the country’s unique circumstances. It will not follow countries such as the U.S., Japan, or El Salvador which recently adopted bitcoin as legal tender.
Meanwhile, the RBI said it plans to unveil a digital rupee model by the end of the year and launch in phases.
What do you think about the concerns voiced by the RBI governor? Let us know in the comments section below.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Reserve Bank of India favors crypto prohibition to curb tax evasion
RBI's crypto prohibition stance may stifle innovation and push crypto activities underground, complicating tax enforcement and eco...
Russia’s legal crypto on-ramp to arrive with a state-owned bank holding the keys
Sberbank’s December crypto wallet plan could show how far Russia is willing to bring crypto activity inside the banking system, an...
Bitcoin ETF Inflows Return As Farside Data Shows Institutions Still Buying The Dip
Bitcoin’s supply headlines have been loud, but ETF flow data is giving bulls something to point to. Farside’s numbers show a $143...
Bull Bitcoin Files Landmark Legal Challenge to Annul France’s DAC8 Crypto Data Surveillance Rules
Bitcoin Magazine Bull Bitcoin Files Landmark Legal Challenge to Annul France’s DAC8 Crypto Data Surveillance Rules Bull Bitcoin ex...
Bankers file suspicious activity report over Farage’s £5M gift from Tether billionaire
The scrutiny over Farage's gift highlights growing concerns about crypto's influence in politics and the need for regulatory clari...
Kraken Pursues a Full Banking License in Europe, With Lithuania as Its Target Jurisdiction
Kraken is seeking a full banking license in Europe, focusing on Lithuania as the jurisdiction where it hopes to secure the designa...