{"id":114115,"date":"2021-02-24T14:20:10","date_gmt":"2021-02-24T14:20:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114115"},"modified":"2021-02-24T14:20:10","modified_gmt":"2021-02-24T14:20:10","slug":"indian-central-bank-chief-raises-alarm-on-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/indian-central-bank-chief-raises-alarm-on-cryptocurrencies\/","title":{"rendered":"Indian Central Bank Chief Raises Alarm on Cryptocurrencies"},"content":{"rendered":"

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has raised fresh concerns over the impact of cryptocurrency investments on the country\u2019s economy but is optimistic about the launch of a digital rupee.<\/span><\/p>\n

In an interview with\u00a0<\/span>CNBC TV-18<\/span><\/em>\u00a0on Wednesday, Das revealed that the monetary regulator had shared its \u201cmajor concerns from the financial stability angle\u201d with the government. However, he did not elaborate on what exactly these concerns are.<\/span><\/p>\n

His remarks came ahead of the introduction of the bill that is expected to outlaw the distribution and usage of cryptocurrencies in India. He also said that the government is considering RBI\u2019s concerns and expecting a decision \u201csooner or later.\u201d<\/span><\/p>\n

The Indian central bank was always critical about digital currencies as it earlier warned against their usage in money laundering and terror financing. Its hostility peaked in 2018 when it issued a circular banning all regulated banking entities from offering services to crypto companies. That order was reversed by the apex court.<\/span><\/p>\n

Now when the demand for cryptocurrencies is surging again, the Indian government is planning a ban on them with law.<\/span><\/p>\n

\u201cIf required, the Parliament also will consider and decide,\u201d Das said.<\/span><\/p>\n

Digital Rupee Is On the Way<\/span><\/h2>\n

The RBI, however, is in favor of a central bank digital currency (CBDC) as the governor said that a \u201clot of work is going on there.\u201d<\/span><\/p>\n

\u201cThe RBI team is working on it, both the technology side as well as the procedural side,\u201d Das added.<\/span><\/p>\n

The Indian central bank is lagging much behind its Chinee counterpart, which is aggressively piloting the usage of digital yuan. Though Das could not confirm any timeline of digital rupee launch, he said that the regulator is \u201ctargeting to launch\u201d at some point.<\/span><\/p>\n

\u201cSeveral loose ends need to be tied up, but it’s receiving our full attention,\u201d he said.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The governor of the Reserve Bank of<\/p>\n","protected":false},"author":3,"featured_media":114114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nIndian Central Bank Chief Raises Alarm on Cryptocurrencies - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/indian-central-bank-chief-raises-alarm-on-cryptocurrencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Central Bank Chief Raises Alarm on Cryptocurrencies - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The governor of the Reserve Bank of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/indian-central-bank-chief-raises-alarm-on-cryptocurrencies\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-24T14:20:10+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/ccryptafotoBank-of-india-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/indian-central-bank-chief-raises-alarm-on-cryptocurrencies\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/indian-central-bank-chief-raises-alarm-on-cryptocurrencies\/\",\"name\":\"Indian Central Bank Chief Raises Alarm on Cryptocurrencies - 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