The governor of India’s Reserve Bank of India (RBI), Shaktikanta Das, is concerned about the impact of digital currencies on India’s financial stability. Speaking at the Business Standard BFSI Insight Summit on Wednesday, Das said he intimated the Indian government about his concerns. The central bank governor also questioned the given number of participants in India’s crypto sector. According to Das, who recently secured reappointment for three more years at the helm of India’s central bank:
“With a reasonable amount of confidence, I think the number of participants claimed in the crypto market is somewhat exaggerated.”
Earlier this week, reports stated that India’s parliament would vote on crypto regulations within the next few weeks. This is to chart a clear way forward and find a balance for the fledgling crypto industry in the country. India had initially sought to ban all digital currencies in the country but decided to backpedal. However, the country also stated that it had no immediate plans to adopt crypto as legal tender either.
According to an insider with knowledge of the situation:
“A balance has to be found … A middle path that balances the concerns of all stakeholders is more likely.”
India’s current stance is a far cry from that which China took earlier in the year. The Asian country imposed a sweeping ban on all crypto-related activities and threatened punitive measures for defaulters.
Image Credits: Pixabay
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