Central Bank Will Wait For Government Paper On Cryptos: RBI Governor

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RBI will await Government's consultation paper on cryptocurrencies

Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said that the central bank has given its view to the Government on the consultation paper on cryptocurrencies and will wait for it to come out.

Responding to a question on the paper which the Government is preparing on cryptocurrencies, Mr Das said, “There is constant engagement between RBI and the Government on cryptocurrencies. We have given our views to the Government. Let us wait for the consultation paper to come out.”

Mr Das made these comments during a press conference after the Monetary Policy Committee's meeting which today further hiked the repo rates by 50 basis points.

Last week, Economic Affairs Secretary Ajay Seth had said that the Government is ready with the consultation paper on cryptocurrencies.

He had told media persons that a global consensus needs to be reached on cryptocurrencies and India would first look at regulations enforced in other nations on cryptocurrencies, before taking a decision on any kind of regulation.

In the Union Budget for 2022-23, Finance Minister Nirmala Sitharaman had said that gains made through cryptocurrency investments would be taxed at 30 per cent.

Mr Das had said earlier this year that private cryptocurrencies threaten macroeconomic and financial stability and undermine its ability to deal with challenges on the two fronts.