• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Wednesday, October 4, 2023
SLC Online News
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Crytpocurrency

RBI: Partial Ban On Crypto Won’t Work – Times Of India

rbi:-partial-ban-on-crypto-won’t-work-–-times-of-india
Share on FacebookShare on Twitter

MUMBAI: The Reserve Bank of India (RBI) has said in a presentation to its central board that a ban on cryptocurrencies needs to be total and partial restrictions will not work.

In the presentation, senior officials highlighted the issue of trackability of transactions, valuation of cryptos, the extreme price volatility, legal issues and identifying the various actors in the crypto transaction chain as areas of concern. Among the board members Revathy Iyer (former deputy comptroller & auditor general) expressed the need to proceed with caution. However, another board member Sachin Chaturvedi (director-general at the Research and Information System for Developing Countries) cautioned against policymakers taking extreme steps and risk being cut off globally. He highlighted instances in the past when the government had to backtrack.

88352240

Debasish Panda, secretary at the department of financial services, who also participated in the meeting, did not comment on the crypto issue. The 592nd meeting of the central board also discussed the status of the central bank’s digital currency. Additionally, the board took up the half-yearly income statement of the RBI for the six months ended September 30, 2021.

The board’s discussion on cryptocurrencies comes at a time when the government has listed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for the Winter Session of Parliament. The Centre has been tight-lipped about the legislation. The wording on the bill — stating that it seeks to create a facilitative framework for a central bank digital currency and allow crypto for certain exceptions to promote the underlying technology — has given rise to speculation that cryptos may be legalised as an asset.

The RBI has been steadfast in its opposition to giving recognition to alternate currencies. While the central bank has been forced to retract its 2018 ban on cryptocurrencies following a Supreme Court order, it has not changed its mind. “There is a need for much deeper discussions (on crypto). When the central bank says it has much deeper concerns from the point of macroeconomic and financial stability, there are far deeper issues involved which form part of this,” RBI governor Shaktikanta Das had said in October 2021 while speaking at an event. He said that there was a need for discussion on these concerns.

“The board also discussed various areas of operations of the Reserve Bank, including the functioning of the local boards, activities of select central office departments and the draft ‘Report on Trend and Progress of Banking in India, 2020-21’,” the RBI said in a statement. Central bankers present in the board meeting included deputy governors Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar. Other directors of the central board Satish K Marathe and S Gurumurthy also attended the meeting.

SLC Online News

© 2021 SLC Online News

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 SLC Online News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT