The Reserve Bank of India (RBI) has been openly opposed to cryptocurrencies since they first appeared in the country years ago. RBI Governor Shaktikanta Das has called for a ban on cryptocurrencies, citing their lack of underlying value and promotion of speculation. However, the RBI’s own Central Bank Digital Currency (CBDC), which launched a pilot project on December 1, 2022, is expected to target one million users by the end of this month. The RBI will take a measured approach to a full-fledged CBDC launch and plans to make the United Payments Interface (UPI) platform interoperable with the CBDC. While Finance Minister Nirmala Sitharaman has stated that a position on a complete ban on cryptocurrencies can only be taken with significant international collaboration, the RBI aims to develop an international architecture to address cryptographic products. The RBI’s stance on cryptocurrencies contrasts with its readiness to introduce CBDC.
RBI opposes cryptocurrency but open to CBDC; Ministry of Finance explores options in BFSI sector
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