'Serious concerns' on financial stability of cryptocurrency, says RBI Governor
By MYBRANDBOOK
Shaktikanta Das, Reserve Bank of India Governor said the central bank has "serious concerns" with regards to the financial stability of cryptocurrencies. He said, we have serious concerns on cryptocurrency with respect to financial stability, and have conveyed the same to the government of India. The central bank has conveyed the concerns on cryptocurrency to the government and it is up to the government to take a call on the matter, Das said, adding that there needs to be more clarity on the contribution of cryptocurrency to the economy. Das’ latest comments are significant as the Government is in the advanced stages of finalising a national regulation on private cryptocurrencies.
Attending an event on September 8, the RBI Chief said, "We have serious, major concerns on cryptocurrency w.r.t financial stability, and have conveyed the same to the government of India."
The central bank has conveyed the concerns on cryptocurrency to the government and it is up to the government to take a call on the matter, Das said, adding that there needs to be more clarity on the contribution of cryptocurrency to the economy. On June 4, too, Das had repeated the critical stance on cryptocurrencies.
On August 16, Finance Minister Nirmala Sitharaman had said that the Union Cabinet was soon expected to take up a bill to regulate cryptocurrency and its growing market in India.
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