The latest update in the Indian crypto and CBDC sphere saw the Central Board of Directors of Reserve Bank of India (RBI) discuss the concern around private cryptocurrencies, as well as various aspects relating to Central Bank Digital Currency (CBDC). Today, at the 592nd meeting of RBI’s Board of Director, which was held in Lucknow, under the Chairmanship of Governor Shri Shaktikanta Das, reportedly saw an internal conflict-of-interest in regards crypto’s fate in India.
According to CNBC-TV18‘s insider source, a majority of the board members were doubtful about private cryptocurrencies and their impact on financial stability. However, board member, Professor Sachin Chaturvedi took a pro-crypto stance, asserting that the nation should not close the door on private cryptos, and certainly not impose a ban on them.
Minutes of the meeting
According to the content of RBI’s press release, while discussing CBDCs and Private Cryptocurrencies, the Board also reviewed the nation’s present domestic and global financial state of affairs, as well as evolving challenges and remedial measures. Additionally, RBI’s half yearly income statement was at disposal, along with various areas of operations of the Bank like – “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.”
“Deputy Governors Shri Mahesh Kumar Jain, Dr. Michael Debabrata Patra, Shri M. Rajeshwar Rao, Shri T. Rabi Sankar and other Directors of the Central Board – Shri Satish K. Marathe, Shri S. Gurumurthy, Ms Revathy Iyer and Prof. Sachin Chaturvedi attended the meeting. Shri Debasish Panda, Secretary, Department of Financial Services also attended the meeting.”, according to the report.