Shaktikanta Das (India’s central bank’s governor) has further voiced uncertainty regarding the utilization of crypto within the country, saying that the organization has some major and serious issues in this matter. While commenting during an event conducted by Financial Times and The Indian Express, Das disclosed that the authorities are, in advance, alert about the problems and are directed to provide the final way regarding the cryptocurrencies.
Global crypto regulation and India
As per Das, during the worldwide discussion over the crypto regulation, India’s reserve bank (RBI) is looking for solutions about the adequate way for the crypto assets such as Bitcoin (BTC) to elevate the country’s economy. He added that they had brought forward their noteworthy and serious concerns regarding the crypto faced by the government in terms of stability in the field of finance.
Thus they would require a lot of answers about the further hindrances in the journey along with crypto and the contribution made by it to the economy of India. In this regard, Das opined his viewpoint and expressed that the government should consider more trustworthy elaborations before reaching a specific decision.
The consistent opposition of RBI for cryptocurrencies
In the perspective of history, the Indian reserve bank is considered to pronounce harsh views about crypto in addition to banning native banks from assisting trade of and via digital assets. Nonetheless, the decision was unexpectedly reverted by the Supreme Court of the country though it was not as pleasant as it appeared to be. Presently, strong bondage between the bank and the cryptocurrency is developing a digital form of rupee which will be backed by the government of India. RBI bank is in advance moving ahead to a stage-based issuance of its CBDC (central-bank-digital-currency) through well-structured trial projects.
While observing the scenario keenly, it is obvious that the RBI is moving in correspondence with the steps taken by the “European Union” and China for rolling out their CBDCs. While India is continuously debating over the possible way out concerning cryptocurrencies, Bitcoin has been officially adopted to be a legal tender by El Salvador that has resulted in mixed responses around the globe. It is noticeable that the value of BTC plunged approximately 20% within a day, as the reports state. Moreover, Ukraine is approaching its legal recognition of cryptocurrencies following a bill permitting digital assets, which got passed by the parliament.