The governor of the Reserve Bank of India (RBI), has revealed serious reluctance on cryptocurrencies and digital assets. According to the central bank governor, Shaktikanta Das, there are several ‘serious and major’ worries regarding the sector.
Das gave this opinion at an event organized by Financial Times and The Indian Express, two major media outfits. He added that the government would decide on digital assets, taking the concerns into account.
“We have conveyed our serious and major concerns about cryptocurrencies to the government from a point of view of financial stability. The government will take a decision…I think we need to be convinced with more credible explanations and answers.”
According to Das, the government wants more information about private digital assets and their possible contribution to its economy if fully supported.
India has not been very supportive of the digital asset industry. In February, Indian lawmakers introduced a bill to ban all cryptocurrencies in the country. The bill, dubbed “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” sought to replace them with a central bank digital currency (CBDC).
In June, crypto investments shot up by 19,900% in India within a year, according to a Chainalysis report.
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