On June 8, RBI organised a press conference on following the announcement of its conclusions made at the Monetary Policy Committee meet, which concluded on the day after three days of debate. When asked about the conversation between government and RBI as the government is coming out soon on the consultation paper. RBI Governor Shaktikanta Das responded:
“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.”
The RBI Governor’s scathing appraisal of the digital currency frenzy came only days after the government developed a cryptocurrency taxation structure.
Shaktikanta Das stated this just few days after taxation framework for crypto:
“Private cryptocurrency is a huge threat to macro-economic stability and financial stability…investors should keep this in mind that they are investing at their own risk.”
Earlier this year, on May 31, economic affairs secretary Ajay Seth stated that the finance ministry is nearly finished writing the consultation paper on cryptocurrencies and will submit it shortly.
“The consultation paper is fairly ready. We have gone through a deep dive and consulted not just domestic stakeholders but also multilateral institutions like the IMF and World Bank. We hope we’ll soon be in a position to finalise and submit it,” stated Seth while speaking at an event.
Seth has also stated that India is discussing with other nations across the world about global cryptocurrency rules and India’s involvement if such moves are implemented. He told the press that there is a need for a global agreement on cryptocurrencies, and that India will first look at the rules imposed in other nations before making such a decision.
