Central Bank Digital Currency one thing, cryptocurrency trading another – Shaktikanta Das

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Courtesy: NITI Aayog

RBI is working on a Central Bank Digital Currency (CBDC) and assessing the implications it could have on financial stability, Shaktikanta Das said. He clarified that RBI has no difference of opinion with the government on cryptocurrencies. Unregulated cyptocurrency trading in the market is different from CBDC, explained the RBI governor.

While the central bank and central government are committed to stability, the former has expressed “certain major concerns” to the latter regarding cryptocurrency trading. Sooner or later the government would make a decision, according to Das.

As privatisation of public sector banks (PSBs) is being discussed with the government, the RBI governor feels that RTGS and NEFT have the scope for going “beyond our shores.” Governance driven by ethics and health driven by strong capital base remains RBI’s policy of banking sector governance, Das told at the Times Network’s India Economic Conclave. RBI’s projection of 10.5% growth rate would not require a downward revision, said the governor.

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