The Reserve Bank of India (RBI) believes that cryptocurrency can affect the financial stability of the country’s economy and has made the government aware of its concerns. RBI Governor Shaktikanta Das said this on Wednesday. “We have some big apprehensions about cryptocurrencies,” Das said in an interview with a private TV channel. We have made the government aware of that. The government is considering this and I hope that the government will take a decision in this regard and if needed, the Parliament will also consider it and take a decision on this. ”
Das said, “I want to make it clear that blockchain technology is different.” The advantages of blockchain technology need to be used, this is another matter. But in terms of crypto, there is a huge concern from the point of view of financial stability and we have shared it with the government. The government will consider it and take a decision. ”
Although Das did not provide any specific details, the central bank has earlier expressed concern over the use of digital currency for money laundering and terror funding.
The government plans to bring a bill in Parliament to stop dealing in cryptocurrencies. Apart from this, there is also talk of creating an official framework for digital currency.
In 2018, the RBI prohibited banks and other regulated entities from supporting crypto transactions in any way. This decision was made after digital currency was used for fraud.
Das said that the RBI is very relevant in this case and is preparing to launch its own digital currency. Das said, “The Central Bank is working on digital currency. The RBI team is working on its technical aspects, process aspects and how it will be implemented.
If this happens, RBI will become the central bank to launch digital currency like other central banks.