Ready for fair debate on crypto assets: RBI Dy. governorAuthor: Nishu February 23, 2022
The Reserve Bank of India (RBI) will proceed with great caution in developing retail applications of the Central Bank Digital Currency (CBDC) and has agreed to engage in a fair debate on the regulation of crypto assets despite strong views against legalizing them in the country. ready for ,
While the RBI remains committed to the target of introducing CBDCs in 2022-23, Deputy Governor Michael Patra said there are several issues that need to be addressed in addressing retail use of CBDCs.
“I think we will move very slowly. We will cross the river feeling the pebbles [as] There are privacy issues that are involved, monetary policy transmission issues that are involved. There is also an issue of energy intensity of the whole process, if it is on a certain type of technology,” he explained.
“So, at this point in time, what I would say is that we are moving very slowly, we will measure our steps and move in a very calibrated direction,” Mr Patra said in response to questions from economist Ajit Ranade in Asia. Economic Dialogue 2022, organized by the Ministry of External Affairs and Pune International Centre.
Asked about the possibility of banks lending money to buy crypto assets, the deputy governor said that the debate on crypto assets in India is still ongoing and there are several aspects to be considered. “RBI’s approach is actually quite known on crypto. But we will engage in a fair debate and look at all sides of the argument.”