RBI Governor Shaktikanta Das said on Thursday that the Reserve Bank of India has major concerns about the cryptocurrencies being traded in the market. In addition to this, Das has conveyed the same concern to the government highlighting the fact that both the RBI and the government are devoted to attaining financial stability.
In the statement released on Thursday, the Governor of the Reserve Bank of India said that there are no differences between the Finance Ministry and the Central Bank regarding the concerned matter.
Additionally, he said:
These comments from the RBI Governor have come due to the mixed signals coming from the government regarding the regulation of cryptocurrencies.
There were having intentions of imposing a complete ban on the use of cryptocurrencies in India due to its highly fluctuating nature and lack of an underlying base guiding its values. However, they are now mixed with signals that the government is showing towards Bitcoin.
Shaktikanta Das revealed in an interview that he has several reasons to believe that the government is in concurrence with the major issues indicated by the RBI.
In addition to this, Das released a statement that said:
Addressing the continuation of RBI’s work on the digital version of the fiat currency, Das said:
However, Das in addition to this also mentioned, the lack of practical illustration of the functioning of a CBDC internationally.