RBI's Views May Have Delayed Cryptocurrency Bill: Deputy Governor
NDTV
RBI deputy governor Michael Patra said that central bank's views about cryptocurrencies might have delayed the proposed legislation on crypto assets
Reserve Bank of India (RBI) deputy governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets.
Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in 2022-23 as announced by finance minister Nirmala Sitharaman in the budget speech, Mr Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity.
The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the winter session of Parliament, but did not introduce it.
"RBI's view is quite known on crypto. I think it is the one of the views that has actually delayed a bill on that subject but we will engage in a fair debate on that subject and will look at all sides of the debate," Mr Patra said, speaking at an event organised by the Pune International Centre.
