The Governor of RBI (Reserve Bank of India), name Shaktikanta Das, gived a statement On September 9 that the central bank is “very much concerned” with regards to the financial stability of cryptocurrencies. On the last 8th September, The head of the RBI attended an event and said, “We have serious and very high concerns on the crypto market with respect to financial stability, we have conveyed this to the Government of India.”
This is not the first time that RBI Governor Shaktikanta Das is expressing concern over cryptocurrencies.
4th In the month of June also, Shaktikanta Das reiterated the essential stance on cryptocurrencies.
“We have concerns on crypto market, which we already communicated to the Indian Government. With regard to advice to investors of all cryptocurrencies,
It has been said that central banks do not recommend any investment in cryptocurrencies. The governor then said,
It is up to all the investors to do their own evaluation, do their due diligence and take the right and careful decision regarding their own investments.
All the comments from the governor latest are very important as the Indian government is at an advanced stage of finalizing national regulation on private crypto.
Finance Minister on Cryptocurrencies
On 16th of August, Finance Minister Nirmala Sitharaman statement was given the Union Cabinet may very soon take up a bill to regulate the growing crypto market in the India.
Finance Minister Nirmala has said in a conversation with reporters that, “The cabinet note on the cryptocurrency market bill is all set. and Finance Minister Nirmala has said that she is waiting for the cabinet to approve this bill.”
While the RBI (Reserve Bank of India) is heavily favored by private cryptocurrencies, this central bank is in full support of the introduction of digital currency.
The Reserve Bank of India is currently working on this model and may announce some decision by the end of 2021.
In the past, the Finance Minister has made his stand on the cryptocurrency market very clear, stating that the Indian government does not want to close any options and all people will be given some substantial window to experiment with cryptocurrencies, bitcoin and blockchain.