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by Mike Robinson

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RBI To Wait For Crypto Government Paper: Central Bank Governor
  • RBI will wait for the government’s consultation paper on crypto, said governor Das.
  • This statement was made at a post-MCP press conference.
  • The RBI plans to launch CBDT before the close of the financial year.

Shaktikanta das, Governor of the Reserve Bank of India (RBI) stated at Wednesday’s press conference that the central bank had submitted its views regarding the consultation paper about cryptocurrencies to the government and would wait for the response.

Das made the statement while addressing the media after the post-Monetary Policy Committee (MPC) meeting, wherein the committee introduced an online gaming policy; surged the repo rate by 50 basis points; reassured the FY23 plan of introducing the Central Board of Direct Taxes (CBDT) as indicated in February’s Union Budget announcement; and discussed the implication of e-mandates.

He responded to a question about the Indian government’s consultation paper:

The Government and RBI are in constant communication about cryptocurrencies. We’ve already given our opinions to the government. We will wait to see the consultation paper.

Das was always skeptical about cryptocurrency, due to its volatility. Das stated earlier this year that private cryptocurrency could threaten financial and microeconomic stability, as well as weaken its ability to respond to challenges in these fortes.

Meanwhile, last week India’s Economic Affairs Secretary Ajay Seth stated that Finance Minister Nirmala Sitharaman has almost completed work on readying the consultation papers and will be submitting it soon.

Further, he said that India was consulting with other countries about global crypto regulation. India will also examine regulations in place elsewhere before it enforcing any type of regulation.

The consultation paper will be a welcome addition to the industry’s high-end expectations. However, many RBI officials have expressed reservations about virtual currency.

This consultation paper will be a catalyst for excitement as India hosts the 2nd largest crypto user base globally. According to some reports, India’s crypto market has experienced a 641 percent growth in the period 2020-2021.

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