Bitcoin rbi governor

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Abc Large. The Reserve Bank of India RBI is concerned over the impact cryptocurrencies may have on the financial stability in the economy and has conveyed the same to the government, Governor Shaktikanta Das said on Wednesday.

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• RBI Governor Shaktikanta Das raises 'major concerns' about cryptocurrency.
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• RBI in talks with govt over cryptocurrency- The New Indian Express.

We have communicated them to the government. It is under consideration in the government and I do expect and I think sooner or later the government will take a call and if required Parliament also will consider and decide," he said in an interview.

RBI Governor Shaktikanta Das voices ‘major concerns’ about cryptocurrencies

Blockchain technology benefits have to be exploited, that is another thing. But on crypto we have major concerns from the financial stability angle and we have shared it with the government. The government will consider and take a call," Das said. While Das did not elaborate further, the central bank had in the past expressed concerns on digital currencies being used for money laundering and terror funding.

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RBI Governor Raises ‘Major Concerns' About Cryptocurrencies

They do not suo moto readjust rates of interest in a falling market despite the loan being floating rate one while raise these at the fall of a hat. They enslave borrowers, the weaker party to the transaction by levying hefty foreclosure charges. The GOI policy of softer interest has not percolated due to the obduracy and exploitative proclivities of NBFCs and many private and public sector banks bringing it to a naught and making it a non starter. Also, competitive forces are fettered by such obnoxious terms as foreclosure and reset charges even in case of floating rate loans.

Moreover, top ups are denied despite excellent track record and adequate security coverage while not allowing a business transfer. Besides the misuse of virtual currency, security is also a grave concern. While it is impossible to tamper with the ledger or key of digital coins, they can be stolen from the wallet of exchanges, which has happened in the past in India and across the world.

A Delhi-based cryptocurrency exchanged had filed a complaint against its employee for hacking and stealing bitcoins from a wallet. So, even as bitcoin continues to outperform other asset classes and has certain advantages, the concerns around cryptocurrencies are hard to ignore, especially for a regulator.

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By providing your email, you agree to the Quartz Privacy Policy. Skip to navigation Skip to content. These are some of our most ambitious editorial projects. From our Obsession. New technology is upending everything in finance, from saving to trading to making payments. By Prathamesh Mulye Writer, banking and economy. Bitcoin is volatile Sure, there is a grain of truth to the claim that cryptocurrencies are rivals of central banks as they are unable to control them like sovereign money.

Jump to navigation. On Wednesday, Shaktikanta Das said cryptocurrencies could have an adverse effect on financial stability, thus impacting the economy. It is under consideration in the government and I do expect and I think sooner or later the government will take a call and if required Parliament also will consider and decide," he was quoted as saying in the interview.

RBI Governor Shaktikanta Das voices ‘major concerns’ about cryptocurrencies

While Das did not elaborate further, the Indian government has on many occasions in the past expressed concern about digital currencies, claiming they can be used to launder large quantities of money and for terror funding purposes. Read Is India going to ban Bitcoin? Here is story so far. The RBI had initially banned banks and financial entities under its jurisdiction from providing services to businesses dealing or trading in cryptocurrencies in April It was claimed that these digital currencies were being used for fraudulent activities.

Interestingly, the circular came just a year after Bitcoin gained popularity among traders in India. The RBI circular was struck down , but only for entities or businesses operating in cryptocurrencies. It was a landmark decision for cryptocurrency exchanges in India. The top court said in its observation that the RBI circular created a disconnect between the banking sector and cryptocurrency exchanges. The SC also noted that RBI had not found any concrete evidence regarding the functioning of these crypto exchanges.

The judgement did provide relief, but several cryptocurrency exchanges have called for better regulation of digital currency trade to fix current issues. Now, the government is planning to introduce a bill — Cryptocurrency and Regulation of Official Digital Currency Bill , — in Parliament to ban companies and individuals from trading in cryptocurrencies.