RBI board discusses CBDC, private cryptocurrencies

By | December 18, 2021

RBI board discusses CBDC, private cryptocurrencies

The RBI is in the process of rolling out a CDBC which is digital form of a edict currency. At the same time, it has expressed its enterprises on private virtual currencies citing the marcoeconomic pitfalls.

 

 

he central board of Reserve Bank of India (RBI) on December 17 bandied issues related to Central Bank Digital Currency (CBDC) and private cryptocurrencies, the RBI said in a press release.

This development assumes significance as the central government is presently in the process of finalising a public law to regulate cryptocurrencies.

The RBI is in the process of rolling out a CDBC which is digital form of a edict currency. At the same time, it has expressed its enterprises on private virtual currencies citing the marcoeconomic pitfalls.
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“When the central bank says we’ve serious enterprises after due internal reflections, there are far deeper issues involved,” said Das at the SBI Banking and Economics Conclave on November 16.
Das further said he was yet to see any serious conversations on cryptocurrency. The blockchain technology is 10 times old and the technology can grow indeed without cryptocurrencies, he said.

 

 

Arising husbandry should regulate cryptocurrency, rather of banning it, International Monetary Fund principal economist Gita Gopinath said on December 15, and called for a global policy.
Gopinath said, addressing an event organised by National Council of Applied Economic Research (NCAER).

Among the other issues bandied at the central board meeting are current domestic and global profitable situation, evolving challenges and remedial measures.

Also, the board reviewed half monthly income statement of the Reserve Bank of India for the half- time ended September 30, 2021. The Board also bandied colorful areas of operations of the RBI 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, the RBI said.
RBI deputy governors Mahesh Kumar Jain, Michael Debabrata Patra,M. Rajeshwar Rao,T.

 

 

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