Shaktikanta Das, the governor of the Reserve Bank of India (RBI), said on Wednesday that the central bank has given its opinion to the government on the consultation paper on cryptocurrencies and will wait for it to be released.
In response to a question on the paper the government is preparing on cryptocurrencies, Mr. Das said, “There is a constant engagement between RBI and the government on cryptocurrencies. We have expressed our views to the government. Let’s wait for the consultation paper to come out .”
Mr. Das made these comments during a press conference after the Monetary Policy Committee meeting, which today increased the repo rate by a further 50 basis points.
Last week, Economy Minister Ajay Seth had said that the government has finished the consultation paper on cryptocurrencies.
He had told the media that a global consensus needs to be reached on cryptocurrencies and that India would first look at the regulations being enforced on cryptocurrencies in other countries before making any decision on any kind of regulation.
In the Union’s 2022-23 budget, Finance Minister Nirmala Sitharaman had said that profits made from cryptocurrency investments would be taxed at 30 percent.
Das had said earlier this year that private cryptocurrencies threaten macroeconomic and financial stability and undermine its ability to meet challenges on the two fronts.