The Reserve Bank ‌ Key Comments on Cryptocurrency!

The Reserve Bank ‌ Key Comments on Cryptocurrency!

Publication date: 02/24/2021 18:14 IST


The Reserve Bank ‌ Key Comments on Cryptocurrency!

Internet Office: The Reserve Bank of India (RBI) made key observations in the wake of the massive rise in the value of cryptocurrency around the world. The Reserve Bank of India has expressed concern that cryptocurrencies are likely to affect financial stability in India. Reserve Bank of India Governor Shaktikant Das said he has already informed the government about this matter and hopes the central government will take a decision on it soon. Shaktikanta Das said this in an interview with a news agency following the record value of cryptocurrencies. The Reserve Bank of India governor’s comments came at a time when the central government plans to officially bring digital currency to the country.

The central government is known to be preparing to impose a complete ban on private cryptocurrencies in the country and bring in its own digital currency. In this context, Governor Shaktikant Das made clear once again that the Reserve Bank of India is ready to bring in its own digital currency. With this, India will join the list of electronic yuan that already exists in China as well as other countries that have a digital currency. However, he said it was not clear when it would be available and that the RBI was working on the necessary technical and political considerations.

The popularity of the cryptocurrency has increased with the recent rise in the value of Bitcoin. After the abolition of banknotes, the use of this type of currency became more local. In this context, the Reserve Bank of India felt that the use of private cryptocurrencies was not auspicious and banned them in 2018. However, the Supreme Court overturned the RBI’s orders in 2020. The central government, which is trying to bring the private cryptocurrency to the fore and bring its digital currency, has been To the country, busy drafting a bill on it.

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