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Cryptocurrencies hamper financial stability: RBI Governor

YourStory

YourStory · 2m ago

Cryptocurrencies hamper financial stability: RBI Governor

RBI Governor Sanjay Malhotra expressed concerns about cryptocurrencies affecting financial stability, following the Supreme Court's call for a clear regulatory policy. He highlighted ongoing government committee efforts and the creation of a discussion paper for stakeholder input on regulation. Despite cryptocurrencies not being illegal in India, they remain unregulated, with existing taxation and anti-money laundering measures. The Supreme Court previously lifted an RBI ban on banking services for virtual currencies.

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The governor of the Reserve Bank of India, Shaktikanta Das, has cautioned against allowing cryptocurrencies to dominate the financial sector, citing their potential risks to financial stability, monetary stability, and the banking industry. He emphasized that if central banks lose control over the money supply, managing liquidity and controlling inflation during crises could become difficult. The Reserve Bank of India has been one of the earliest institutions to express serious concerns about cryptocurrencies and their impact on financial stability.

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Reuters · 1y ago

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Economic Times

Economic Times · 2m ago

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How Shaktikanta Das Moulded India’s Fintech As RBI Governor

Inc42 · 8m ago

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Shaktikanta Das, the outgoing RBI governor, has made significant contributions to India's digital economy and fintech ecosystem through his decisions and statements. He imposed regulatory measures on fintech giants and expressed strong opposition to cryptocurrencies. These actions played a crucial role in shaping India's startup ecosystem, the third-largest in the world. Sanjay Malhotra, the current revenue secretary, will succeed Das as the 26th governor of the RBI.

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Inc42 · 1y ago

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RBI rate cut expected as inflation eases and credit growth slows in India - BusinessToday

Business Today

Business Today · 2m ago

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Cryptos pose huge risks for emerging eonomies: RBI Governor

Inc42 · 1y ago

Cryptos pose huge risks for emerging eonomies: RBI Governor

Reserve Bank of India (RBI) Governor, Shaktikanta Das, has reiterated the central bank's stance on cryptocurrencies, stating that digital currencies pose significant risks for emerging economies. Das opposes the widespread acceptance of cryptocurrencies and has previously called for a ban on virtual digital assets. However, he mentioned that the RBI plans to conduct pilots for the wholesale central bank digital currency (CBDC), e-rupee. Additionally, Das praised the Unified Payments Interface (UPI) as one of the best payment systems globally, dismissing accusations of monopoly and expressing ambition for UPI to become a world leader in the payments ecosystem.

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YourStory

YourStory · 5m ago

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IndusInd is an episode, not a failure, banking system is secure: RBI governor

Business Today

Business Today · 4m ago

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