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RBI board discusses Central Bank Digital Currency, private cryptocurrencies in meeting Cryptocurrency

RBI board discusses Central Bank Digital Currency, private cryptocurrencies in meeting

India Blooms News Service | @indiablooms | 18 Dec 2021, 02:04 am

Mumbai/IBNS: The central board of the Reserve Bank of India (RBI) Friday discussed the issues related to Central Bank Digital Currency (CBDC) and private cryptocurrencies, the RBI said in a press release.

This gains significance as the Central government is in the midst of finalising laws to regulate the cryptocurrencies.

The RBI is in the process of rolling out a CDBC which is digital form of a fiat currency. However, the central bank has conveyed its concerns to the government over private virtual currencies citing the marcoeconomic risks.

A complete ban on cryptocurrency may be difficult to impose and coordinated global action for regulating them would be the right thing to do, the chief economist of the International Monetary Fund (IMF) said Thursday.

“There are challenges to banning it whether you can end up with truly banning crypto because many exchanges are offshore and they are not subject to regulations of a particular country,” Gopinath said, addressing an event organised by National Council of Applied Economic Research (NCAER).

The central board also discussed other issues, including current domestic and global economic situation, evolving challenges and remedial measures.

RBI deputy governors Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar and other directors of the central board – Satish K. Marathe,  S. Gurumurthy, Revathy Iyer and Sachin Chaturvedi  attended the meeting.

Also, Debasish Panda, Secretary, Department of Financial Services was present at the meeting.

 

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