New Delhi: On February 14, Reserve Bank of India (RBI) deputy governor T Rabi Shankar launched a scathing attack on bitcoin, saying that banning the cryptocurrency is “probably the smartest decision available in India.”
Shankar mentioned this at the 17th Annual Banking Technology Conference and Awards organized by the Indian Banks’ Association.
“We looked into the reasons given by those who believe that cryptocurrencies should be regulated and found that none of them stood up to scrutiny,” Shankar said.
This comment is important in response to the ongoing discussion on whether or not to ban digital currency. The deputy governor outlined several reasons that he believes contribute to the banking system’s concerns about private cryptocurrencies. This is probably the first time that a top RBI official has publicly advocated the prohibition of cryptocurrencies.
RBI Governor Shaktikanta Das had earlier raised concerns about cryptocurrencies, claiming that these instruments are disastrous for macroeconomic stability.
During the post-Monetary Policy press conference, Das again cautioned investors against investing in cryptocurrencies. “I believe it is my responsibility to inform investors that when they invest in cryptocurrencies, they should remember that they are doing so at their own risk.” They must remember that these cryptocurrencies have no underlying asset(s). “Not even a tulip,” Das said during the MPC press conference.
The central government has announced a 30% tax on private digital assets starting in the next financial year, but has yet to declare cryptocurrencies legal or illegal.
Cryptocurrencies, according to Shankar, endanger the financial sovereignty of the country and leave it vulnerable to strategic manipulation by the private corporations that form them or the governments that control them.
“More importantly, they can harm the government’s ability to monitor the monetary system, the monetary authority, the banking system and the economy in general,” the deputy governor said.
Finance Minister Nirmala Sitharaman said on February 14 that the central government and the Reserve Bank of India are in “perfect harmony” on cryptocurrencies and other matters.
The finance minister told reporters after the RBI board meeting that talks with the central bank on the issue started before the budget and are still on.
“We consult and debate with RBI whatever the government does. So, if I charge 30% and then talk about goods and services tax (GST) and everything else, I Would have been tying RBI’s hands if I hadn’t even spoken to them!” According to Sitharaman
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};*/
})(jQuery);
,