The Reserve Bank of India (RBI) has conveyed to its central board that it favours a complete ban on cryptocurrencies, people familiar with deliberations at the central bank's board meeting on Friday told ET. The RBI made a detailed presentation to the board highlighting "serious concerns" relating to macroeconomic and financial stability as well as exchange management, said one person. "The board was apprised of RBI's stance on the matter." The central bank also highlighted the challenge of regulating intangible assets that originate overseas.
RBI said these are available for trading on foreign exchanges, pointing to concerns over the anonymityof transactions, another person said.
"Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint," RBI governor Shaktikanta Das has said previously. "As the central banker, we have serious concerns about it and we have flagged it many times."
Some board members sought a balanced view on these digital assets, taking into account developments in the technological space and larger implications for the financial sector, the second person said.
"The board also discussed various aspects relating to the Central Bank Digital Currency and private crypto currencies," the RBI said in a statement on Friday
The government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for introduction in the Lok Sabha in the winter session of parliament. It had earlier been listed for the budget session as well but could not be introduced as the government decided to rework it.
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