Despite SC lifting ban, RBI concerned by cryptocurrency

2021-02-23 23:14:00

MUMBAI: Reserve Bank of India governor Shaktikanta Das on Wednesday said the central bank has concerns that cryptocurrencies could impact financial stability. He also said that a central bank-issued digital currency is receiving RBI’s ‘full attention’ and is ‘very much in the game’.
In an interview to a private TV channel, Das reiterated RBI’s statement that while it had concerns about cryptocurrency, the IT behind bitcoins—the blockchain technology—could provide benefits to the financial sector.
The statement by the RBI governor indicates that despite a Supreme Court order stopping RBI from restricting banks from dealing with cryptocurrency, the central bank is not fully convinced. This expression of concern could discourage banks from allowing Indians to deal with bitcoins or providing services to bitcoin exchanges.

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