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Cryptocurrency: Far Deeper Issues Involved, RBI Has Serious Concerns, Says Shaktikanta Das – Moneycontrol

Das says he is yet to see any serious discussions on cryptocurrency. The blockchain technology is ten-year-old and can grow even without cryptocurrencies

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Reserve Bank of India (RBI) Governor Shatikanta Das has said the central bank has serious concerns as “far deeper” issues are involved in cryptocurrency.

The remarks come amid reports that the government is likely to table a cryptocurrency bill in the upcoming winter session of Parliament, which is likely to be held at the end of the month.

“When the central bank says we have serious concerns after due internal deliberations, 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 discussions on cryptocurrency. The blockchain technology is 10 years old and the technology can grow even without cryptocurrencies, he said.

The urgency to introduce the cryptocurrency bill at the earliest comes in the light of what many in the government see as unchecked growth of an unregulated sector and can be gauged from the multiple meetings being held, including one chaired by Prime Minister Narendra Modi.

The winter session is likely to be held from November 29 to around December 13, and one of the sticking points is the tax treatment of the sector, Moneycontrol reported on November 15. These issues are expected to be dealt with soon and that cabinet approval could be sought this month itself.

On November 13, Prime Minister Modi had chaired a meeting on cryptocurrency, which was followed by a meeting of the Parliamentary Standing Committee on Finance with various stakeholders from the digital currency ecosystem


Dinesh Unnikrishnan is Deputy Editor at Moneycontrol. Dinesh heads the Banking and Finance Bureau at Moneycontrol. He also writes a weekly column, Banking Central, every Monday.