RBI has concerns over cryptocurrencies

The Reserve Bank of India(RBI) has major concerns over cryptocurrencies, Governor Shaktikanta Das said. He flagged potential risks to financial stability.

He said he had communicated his concerns to the Government and the RBI's plan to launch its own digital currency is a work in progress. He added, "We have major concerns from the financial stability angle".

It will be very difficult and not possible for me to give a date as there are several loose ends that need to be tied up and it is recieving our full attention.

India's parliament Loksabha is also going to discuss the introduction of a law to ban private cryptocurrencies such as Bitcoin in the current Budget session of parliament.

A government panel has advised banning all private cryptocurrencies with a jail term of up to 10 years and heavy fines for trading in banned cryptocurrencies.

The major cryptocurrency exchange has denied the premise that crypto will be a competitor to the Indian Rupee and will lead to any financial instability.

The government was advised to ensure financial stability they could choose the option of regulating the cryptocurrencies.

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