'Cryptocurrencies: RBI has flagged its concerns to govt'

Cryptocurrencies: RBI has  flagged its concerns to govt

Mumbai: The Reserve Bank has "major concerns" on the cryptocurrencies traded in the market and has conveyed the same to the government, its governor Shaktikanta Das on Thursday said.

Underlining that both the government and the RBI are "committed to financial stability", Das said there are no differences between the central bank and the Finance Ministry on the matter, and "we should now await the final decision on the matter" from the Centre.

The comments come in light of what has been termed as confusing signals from the government on the cryptocurrencies. After announcing its intent to completely ban such currencies, which are very volatile in nature without any underlying principle guiding its values, the government had shown some openness to such currencies like Bitcoin.

Speaking at the Times Network India Economic Conclave, Das said he has "reasons to believe" that the government is in agreement with the "major concerns" flagged by the RBI about the cryptocurrencies.

"Central bank digital currency is one thing. The cryptocurrencies which are traded in the market are something else. Both RBI and government are committed to financial stability. We have flagged certain concerns around these cryptocurrencies which are being traded in the market. We have flagged certain major concerns to the government," Das said.

He said the matter is still under the examination of the government, and a decision on this issue will be taken by it sooner than later.

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