RBI Governor Says Government and Central Bank Agree on Cryptocurrency Approach

RBI Governor Shaktikanta Das says that there is no difference of opinion between the Reserve Bank of India (RBI) and the finance ministry on cryptocurrencies. While the finance minister said that the government will not shut off all options and will take a calibrated position regarding crypto legislation, the central bank has voiced some “major concerns.”

No Difference of Opinion on Crypto Between RBI and Finance Ministry

RBI Governor Shaktikanta Das answered some questions regarding cryptocurrency, the digital rupee, and upcoming digital currency legislation Thursday at the India Economic Conclave organized by The Times Network.

There have been questions about whether the finance ministry and the central bank share the same view on cryptocurrency in India. While Finance Minister Nirmala Sitharaman has said that the government will not shut off all options regarding cryptocurrencies and will take a calibrated approach, the central bank has voiced “major concerns” about cryptocurrencies.

When asked during the Economic Conclave event on Thursday if there is a difference of opinion coming from the central bank and the finance ministry on cryptocurrency, the RBI governor affirmed:

I do not think the finance ministry or the Reserve Bank has given any different points of view … I have reasons to believe that the government is in agreement.

“I don’t think that is any difference of opinion,” Das reiterated, adding that “The central bank digital currency is one thing, while the cryptocurrencies which are being traded in the market are something else.”

The governor of India’s central bank emphasized that both the RBI and the government “are committed to financial stability,” elaborating:

We have flagged certain concerns around these cryptocurrencies which are being traded in the market. We have flagged certain major concerns to the government.

“It is still under examination and the government will come out with a decision sooner than later,” Das concluded.

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