The central bank has registered its concerns over the adverse effect of cryptocurrency on the economy
New Delhi, 21 July: Union finance minister Nirmala Sitharaman on Monday said the Reserve Bank of India(RBI) is in favour of banning cryptocurrencies because it’s concerned about their destabilizing effect on monetary and fiscal stability.
Presently, cryptocurrencies are unregulated in India and the government is in the midst of consultations to draft legislation regulating verge. RBI has been conscious of cryptocurrencies because of their cryptic nature and absence of any natural value.
The finance minister stated in her February budget speech that RBI would soon issue its own digital currency.