RBI remains concerned about crypto – Times of India


MUMBAI: RBI governor Shaktikanta Das said that the central bank has not changed its position about cryptocurrency and continues to harbour concerns. Das said that the RBI’s latest directive asking banks to ignore its 2018 circular cryptocurrency deals, was because lenders continued to cite the circular even after it was struck down by the Supreme Court.
“There is no change in the RBI’s position. Our circular clarifies the position very well. The Supreme Court has set aside the RBI’s circular issued in 2018. To our surprise, some banks were still citing the circular in their correspondence with customers, therefore we had to set the record straight,” said Das. On the RBI’s position, Das said that the central bank has ‘major concerns’ around cryptocurrency and has communicated them to the government.
When asked what the RBI’s advice for investors was, Das said “The central bank does not give any investment advice. It is for each investor to do his appraisal and due diligence, and take a very careful call,” he said.
The RBI is among the few regulators worldwide who have taken early steps to study a central bank digital currency. Many central banks have expressed concern over the impact that cryptocurrency could have on the conduct of monetary policy. There are also fears that cryptocurrency could be used by criminals to bypass anti-money laundering laws.

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