RBI Governor Warns of Cryptocurrencies, Says “It’s a Threat to Financial Stability”

RBI Governor Warns of Crypto, Says 'It's a Threat to Financial Stability'

Shaktikanta Das has time and again flagged crypto operational issues.

New Delhi: The Governor of the Reserve Bank of India (RBI) Shaktikanta Das has once again voiced serious concerns over private cryptocurrencies. “Cryptocurrency is privately created and it is a threat to financial stability,” Mr. Das said in a press conference after monetary policy on Thursday.

It would undermine the RBI’s ability to deal with the problems, the Governor added.

Mr. Das has time and again flagged crypto operational issues.

Even so, Mr. Das has stated that the RBI digital Rupee will be launched in 2022-23 but did not give a release schedule. “There will be no difference between the digital rupee and the normal rupee,” the governor said.

The Union Budget 2022-23, presented on February 1, proposed a 30% tax on virtual digital assets.

Earlier in the day, the Reserve Bank’s (MPC) monetary policy committee kept the lending rate, or repo rate, at 4% and the reverse repo rate, or key borrowing rate, at 3.35%.

The central bank has kept the key repo rate at a record low since May 2020 and has reiterated again and again that it will continue to support growth and maintain an accommodative stance until the economy recovers. solid recovery.

The RBI left its growth forecasts unchanged at 9.2% and inflation at 5.3% for the current financial year (2021-22).

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