2, March, 2024
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RBI Governor Reiterates Unchanged Stance on Cryptocurrency Amid Growing Concerns

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In a recent statement at the Mint’s BFSI Summit, the Reserve Bank of India (RBI) Governor, Shaktikanta Das, emphasized the unchanging position of the central bank regarding cryptocurrency.

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Governor Das highlighted the inherent risks associated with venturing into the crypto space, stating that such a move could pose significant threats, especially for emerging markets. Drawing parallels to historical events like the Tulip mania, he cautioned against the world succumbing to a potential crypto frenzy.

This reaffirms the RBI’s consistent stand against crypto assets, echoing Governor Das’s sentiments from the previous year when he labeled cryptocurrencies as a “serious threat to financial stability.”

He challenged regulators to address crucial questions about the regulation of the industry, referencing a recent International Monetary Fund (IMF) paper that recognized the necessity of imposing additional restrictions on cryptocurrencies.

During the Mint BFSI Summit, Governor Das also commended private companies for their pivotal roles in establishing India as a global leader in the UPI Payment system. He acknowledged the positive reception of digital lending guidelines and emphasized the sustainable growth of the Fintech sector, highlighting the need for responsible expansion.

Addressing the surge in fraudulent lending apps, Governor Das assured that the RBI is collaborating with the government and relevant ministries to implement appropriate measures against suspicious applications.

He underscored the importance of a robust IT system and the ongoing challenge of cybersecurity, expressing the RBI’s dedication to fortifying India’s banking system and overall financial landscape.

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Furthermore, Governor Das shed light on the central bank’s plans for Central Bank Digital Currency (CBDC) during the Mint BFSI Summit. He outlined the expansion of wholesale CBDC and the exploration of programmable features in retail CBDC, aiming to empower users to define specific end uses. This strategic move aligns with the RBI’s commitment to adapting and innovating in the rapidly evolving financial landscape.

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