The Reserve Bank of India (RBI) is not very open about cryptocurrencies but very much interested in blockchain technology. This was conveyed by the RBI Governor Shaktikanta Das.
During an interview to CNBCTV18, Das said, “RBI has some major concerns about cryptocurrencies which we have conveyed to the government.” Former Economic Affairs Secretary added that the government is evaluating cryptocurrencies. “I do expect the government to sooner or later to take a call.”
In the past, the RBI had banned banks from using their systems for cryptocurrency-related transactions. This curb was later reversed by the Supreme Court.
Recently, Indian billionaire investor Rakesh Jhunjhunwala stated that he will never buy Bitcoin in his life. He added “I think it is speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.”
This sentiment was echoed by the governor as well. Das said, “From a financial stability angle, we have major concerns.”
Meanwhile, on February 24, popular cryptocurrency, Bitcoin touched a low of $44,964.49 per Bitcoin. On February 22, the cryptocurrency was at an all-time high at $58,332.36 per Bitcoin.The cryptocurrency's market value crossed the $1-trillion mark on 20 February, only to fall in less than a week’s time.
Talking on cryptocurrencies and blockchain technology, Das stated, “Blockchain is different from cryptocurrency and its benefits have to be exploited.”
The central bank is also working towards launching digital currency, he asserted. “In the case of digital currency, it is work in progress -- both on technology and procedural side..." He added, “We are looking forward to launching it.”
