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    Home»Featured»Shaktikanta Das Major concerns about cryptocurrencies, bitcoin alternative in the works
    Featured

    Shaktikanta Das Major concerns about cryptocurrencies, bitcoin alternative in the works

    Dr Anand MaliBy Dr Anand MaliFebruary 25, 2021No Comments3 Mins Read
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    India Soon Going to Have New Central Bank Digital Currency RBI exploring possibility of launching digital currency 1
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    The Reserve Bank of India (RBI) has “major concerns” about cryptocurrencies, Governor Shaktikanta Das said on Wednesday, flagging potential risks to financial stability.

    Watch out for Monetary Policy statement by RBI Governor @DasShaktikanta at 10:00 am on February 05, 2021
    YouTube:    https://t.co/KNufrg7Rjg

    Post policy press conference telecast at 12:00 noon on the same day
    YouTube:    https://t.co/bPgZ2zObLA#rbipolicy #rbigovernor pic.twitter.com/QukxoWwfjZ

    — ReserveBankOfIndia (@RBI) February 4, 2021

    Das said he had communicated his concerns to the government, which has largely opposed trading in private cryptocurrencies in recent years. He said the RBI’s plans to launch its own digital currency remained a “work in progress”.

    “We have major concerns from the financial stability angle,” Das told the news channel in an interview, adding that the RBI was “targeting to launch” a digital currency.

    “It will be very difficult and not possible for me to give a date as there are several loose ends that need to be tied up and it is receiving our full attention.”

    Bitcoin pared gains following Das’ comments. It was up 1.5% at $49,622 by 0715 GMT, having traded 5% higher in early trade.

    The comments come as India’s parliament is due to discuss the potential introduction of a law to ban private cryptocurrencies such as Bitcoin in the current session of Parliament, according to a legislative agenda.

    An Indian government panel in 2019 recommended banning all private cryptocurrencies with a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies.

    The central bank told lenders in 2018 they could not offer any banking services to any cryptocurrency traders or exchanges, but the order was challenged in court and eventually reversed by the top court.

    “The premise that crypto will be a competitor to the Indian rupee and so will lead to financial instability is incorrect,” said Nischal Shetty, chief executive of the WazirX cryptocurrency exchange

    It will be very difficult and not possible for me to give a date as there are several loose ends that need to be tied up and it is receiving our full attention.”

    Bitcoin pared gains following Das’ comments. It was up 1.5% at $49,622 by 0715 GMT, having traded 5% higher in early trade.

    The comments come as India’s parliament is due to discuss the potential introduction of a law to ban private cryptocurrencies such as Bitcoin in the current session of Parliament, according to a legislative agenda.

    An Indian government panel in 2019 recommended banning all private cryptocurrencies with a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies.

    The central bank told lenders in 2018 they could not offer any banking services to any cryptocurrency traders or exchanges, but the order was challenged in court and eventually reversed by the top court.

    “The premise that crypto will be a competitor to the Indian rupee and so will lead to financial instability is incorrect,” said Nischal Shetty, chief executive of the WazirX cryptocurrency exchange

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    Dr Anand Mali

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