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Reserve Bank of India (RBI) Central Board Discussing Cryptocurrencies, Insiders Disapprove

RBI Board Internal Members Not Advocating Private Cryptocurrencies: Source

The RBI Board also reviews the current domestic and global economic situation

Insiders of the Reserve Bank of India’s Central Board of Directors are not in favor of private cryptocurrencies and the majority remain concerned about its impact on financial stability, sources say with NDTV. The Central Bank’s Governing Council today discussed various aspects related to Central Bank Digital Currency (CBDC) and private cryptocurrencies.

The government plans to regulate the use of cryptocurrencies nationwide and has listed Cryptocurrencies and Regulations of the Official Digital Currency Bill, 2021, for consideration during the ongoing Winter Session out of Parliament.

Recently, Parliament has announced that the government has received a proposal from the Reserve Bank of India (RBI) in October 2021 to amend the Reserve Bank of India Act, 1934 to raise high definition of ‘bank note’. to include a currency in digital form.

RBI examined the use cases and outlined a phased implementation strategy for the introduction of a Central Bank Digital Currency. However, the central bank has repeatedly expressed its stance against cryptocurrencies, saying that it poses serious threats to the country’s macroeconomic and financial stability. wonder the number of investors trading on them and their claimed market value.

Shaktikanta Das has also reiterated his stance against allowing cryptocurrencies, saying that they pose a serious threat to any financial system because they are not controlled by central banks.

The 592nd meeting of the Central Board of the Reserve Bank of India was held in Lucknow under the chairmanship of RBI Governor Shaktikanta Das, RBI said in a statement today.

The RBI Board of Directors also reviewed the current domestic and global economic situation, development challenges and remedial measures.

Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar were also present at the meeting.

https://www.ndtv.com/business/reserve-bank-of-india-rbi-central-board-discusses-cryptocurrencies-internal-members-not-in-favor-2656766 Reserve Bank of India (RBI) Central Board Discussing Cryptocurrencies, Insiders Disapprove

Emma James

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