Mumbai: Reserve Bank of India (RBI) said in the presentation to the central council that the prohibition of cryptocurrency needs to total and partial restrictions will not work.
In presentation, senior officials highlight the problem of tune in transaction, Crypto’s assessment, extreme price volatility, legal issues and identify various actors in the Crypto transaction chain as a concerned field.
Among members of the Revathy Iyer Board (former Deputy Comtroller & General Auditor) said the need to proceed with caution.
However, another board member Sachin Chaturvedi (Director General of the research and information system for developing countries) was warned against policy makers to take extreme steps and the risk of globally disconnected.
He highlights examples in the past when the government must retreat.
Debasish Panda, Secretary in the Financial Services Department, who also participated in the meeting, did not comment on the problem of Crypto.
The 592 meeting of the central body also discussed the status of the central bank’s digital currency.
In addition, the Board took the income statement of half a year from the RBI for six months which ended September 30, 2021.
The council discussion on the Cryptocurrency came when the government had registered the official Cryptocurrency and regulation of official digital currency bills, 2021 for parliamentary winter sessions.
This center has lied about the law.
The words on the bill – stating that he tried to make the facilitative framework for the central bank’s digital currency and allowed Crypto for certain exceptions to promote the underlying technology – has raised speculation that Crypto can be ratified as assets.
The RBI has been steadfast in opposition to giving recognition of alternative currencies.
While the central bank has been forced to withdraw its prohibition on cryptocurrency after the command of the Supreme Court, it has not changed the mind.
“There is a need for a much deeper discussion (in Crypto).
When the central bank said he had deeper concerns of macro and financial economic points, there were many problems involved which was part of this,” said the Governor of RBI Shaktikanta Das in October 2021 when talking on an event.
He said that there was a need to discuss this issue.
“The Board also discussed various fields of reserve bank operations, including the function of the local council, the activities of the Ministry of Certain Headquarters and the design of ‘reports on banking trends and progress in India, 20-21’,” RBI said in a statement.
Central bankers attended the council meeting including Deputy Governor Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar.
Another director of the Central Board of Satish K Marathe and S Gurbury was also attending the meeting.