Indian Government and the Central Bank Agree on Cryptocurrency says RBI Governor

By: Mark Jessy

Indian Government and the Central Bank Agree on Cryptocurrency says RBI Governor

March 27, 2021 4:54 PM

Shaktikanta Das the RBI Governor says that the finance ministry and Reserve Bank of India (RBI) have the same viewpoint on cryptocurrency.


However, the finance minister said the government will not completely shut off all possibilities and is ready to take a calibrated stance regarding crypto legislation in the country while the RBI has voiced some major concerns in contrast.


On Thursday at the India Economic Conclave organized by The Times Network, RBI Governor answered some questions relating to the impending digital currency legislation, cryptocurrency, and digital rupee.


Questions have been asked about whether the ministry of finance and RBI share the same view on cryptocurrency in India. Recently the Finance Minister Nirmala Sitharaman has said that the Indian government will close all its options regarding cryptocurrencies and will take a calibrated stance, the same could not be said of the central bank who has constantly expressed concerns about crypto.


Das was asked during the event on Thursday if the opinion coming from both the RBI and finance ministry on cryptocurrency are not in sync with each other. The central bank governor asserted saying:


"I don't think there is any disparity of opinion," I do not think the RBI or finance ministry has given any different point of view and I also have reasons to believe that the government is taking the same position on cryptocurrency.


Meanwhile, Das restated that the Central Bank digital currency will be different from various cryptocurrency currently trading on the market


Das added that both the central bank and the government are committed to financial stability.


The RBI governor said we have reported certain concerns around these cryptocurrencies currently trading in the market, reporting to certain major concerns to the government. Adding that a decision will be made by the government sooner rather than later after the examination is concluded.