“I have yet to see serious, well-informed discussions on these issues,” Shaktikanta Das said.
New Delhi: Reserve Bank Governor Shaktikanta Das said India needs further discussions on the issue of cryptocurrencies on Tuesday, as the government develops legislation to regulate private virtual currencies.
“When the central bank says we have serious concerns from a macroeconomic and financial stability standpoint, there are deeper issues involved,” Das said at the Economic Forum of State Bank of India. “I have yet to see serious, well-informed discussions in the public space about these issues.”
India’s approach to cryptocurrencies has evolved over time, from being almost outlawed to being reinstated by the courts. There have been calls to impose stricter rules for crypto transactions as an unregulated environment could spur more domestic savings in the asset class.
The Treasury Department is working on a law to regulate those assets. Following Prime Minister Narendra Modi’s recent review meeting, officials said the government is planning progressive measures in this regard but that unregulated cryptocurrency markets must not become a avenues for money laundering and terrorist financing.
“Anecdotally, and even differently, we have a lot of feedback that credit is being offered to open accounts and a variety of incentives are being offered,” Das said.
He said: “The value of transactions and transactions has increased but the number of accounts is greatly exaggerated, adding that about 70%-80% of virtual currency accounts have balances below Rs 2,000 (US$27). ).
