RBI reportedly wants a complete ban on cryptocurrencies: No more Bitcoin billionaires in India?

The Reserve Bank of India (RBI) has been quite vocal about its views on cryptocurrencies. Now, according to a new report by The Economic Times, RBI wants a complete ban on cryptocurrencies. The central bank expressed its views during the 592nd meeting of the central board of directors chaired by Governor Shaktikanta Das.

According to the report, RBI during a central board meeting held on Friday in Lucknow discussed various issues related to the central bank digital currency (CBDC) and private cryptocurrencies. The central bank at the meeting conveyed its stance on cryptocurrencies very clearly at the meeting to all of its central board directors.

To recall, RBI on several occasions in the past has expressed its reservations with private cryptocurrencies and has been slowly working towards launching its own Central Bank Digital Currency (CBDC).

While the central bank expressed its views, some of the board members according to the report sought a balanced view on these digital assets, asking for a purview on the developments in the technological space and larger implications for the financial sector.

Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

The central government is looking to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Lok Sabha in the winter session of Parliament. However, the Bill is unlikely to be presented as the centre has to finalise some of its details according to a report by Bloomberg.

The schedule for the last week of Parliament dropped the cryptocurrency Bill from its list of businesses on the official website.

To recall, the Bill was earlier slated to be presented at the budget session. However, it could not be presented because at the time the government had decided to rework it.

Reports suggest that Prime Minister Narendra Modi will take a final call on the proposed Bill, and is already in talks with various relevant people on the matter.

The post RBI reportedly wants a complete ban on cryptocurrencies: No more Bitcoin billionaires in India? appeared first on BGR India.

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