Mumbai: Central Reserve Bank Board on Friday discussed various aspects related to the central bank’s digital currency and personal cryptocurrency.
The government has proposed to bring laws on Cryptocurrency.
It has registered the Cryptocurrency and regulation of the official digital currency bill, 2021, to consider in the ongoing parliamentary winter session.
However, the source said that it might not be taken during the session scheduled to end next week.
RBI in a statement said the meeting of the 592 central council of the Directors of the Reserve Bank of India was held at Lucknow under the Empire of the Governor of Shaktikanta Das.
“The council also discusses various aspects relating to the central bank’s digital currency and personal crypto currency,” he said.
The parliament was recently told that the government had received proposals from the RBI in October 2021 for the Amendment to the Bank of India, 1934 to increase the scope of the definition of ‘paper money’ to enter the currency in the form.
The RBI has checked cases of use and worked on a gradual implementation strategy for the introduction of the central bank’s digital currency (CBDC) with little or no disruption.
CBDC was introduced by the central bank.
The central bank has repeatedly expressed its strong view of the Cryptocurrency, said they pose a serious threat to the stability of macroeconomic and state finances, and also doubts the number of investors trading on them and the market value they claim.
The Governor of Das has also repeated his views so as not to allow Cryptocurrency, saying they are a serious threat to any financial system because they are not regulated by the central bank.
The RBI’s next statement said the council also reviewed the current domestic and global economic situation, increasing the challenges and steps of improvement.
The Board also discussed a half-year-half income statement from the RBI for half a year which ended September 30, 2021.
“The Board also discussed various fields of reserve bank operations including local council functions, certain head office activities.
The department and report on the banking trend and the progress of banking India, 2020-21, “added the central bank.
Deputy Governor Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, and T rabbi Sankar was present at the meeting.
Another director of the Satish K Marathe Central Board, S Gurbury, Revathy Iyer and Sachin Chaturvedi attended the meeting.
Panda Debasish, Secretary, Financial Services Department also participated.