RBI board discusses crypto, central bank digital currency
Mumbai The central board of the Reserve Bank of India (RBI) on Friday bandied colorful aspects related to the central bank digital currency and private cryptocurrencies, it said in a statement The 592nd meeting of the central board of directors, held at Lucknow, was chaired by governor Shaktikanta Das.
While RBI has been working towards a phased perpetration strategy for a central bank digital currency (CBDC), it has, on several occasions, expressed reservations with private cryptocurrencies. Last month, Das reiterated that cryptocurrencies are a veritably serious concern from the point of view ofmacro-economic and fiscal stability A central bank digital currency is a autonomous currency in an electronic form and would appear as liability (currency in rotation) on a central bank’s balance distance. A 2021 check by the Bank for International Settlements (BIS) plant that 86 of central banks were laboriously probing the eventuality for CBDCs, 60 were experimenting with the technology and 14 were planting airman systems.
Finance minister Nirmala Sitharaman lately told the Lok Sabha that there’s no offer to fete Bitcoin as a currency, PTI reported on 29 November. In a separate reply, minister of state for finance Pankaj Chaudhary said that the government has entered a offer from RBI in October to amend to the Reserve Bank of India Act, 1934 and enhance the compass of the description of‘bank note’to include currency in digital form.
Meanwhile, the statement on Friday also said that the board reviewed the current domestic and global profitable situation, evolving challenges and remedial measures The board also reviewed half monthly income statement of the Reserve Bank of India for the half- time ended 30 September 2021. The board also bandied colorful areas of operations of the Reserve Bank including the functioning of the original boards, conditioning of select central office departments and the draft Report on Trend and Progress of Banking in India, 2020-21,”it said.
Deputy governors Mahesh Kumar Jain, Michael Debabrata Patra,M. Rajeshwar Rao,T. Rabi Sankar and other directors of the central board – SatishK. Marathe,S. Gurumurthy, Revathy Iyer and Sachin Chaturvedi attended the meeting. It added that Debasish Panda, clerk, department of fiscal services also attended the meeting.
