As the country awaits a bill for crypto, there are several top-level discussions within the government to bring a clear roadmap on cryptocurrencies. The government consulting with various stakeholders and concerned parties wants to ensure strong legislation that addresses the concern of investors and exchanges.
In the latest developments, the RBI on Friday discussed CBDC and private cryptocurrencies and various aspects related to digital currencies related to the latest proposed legislation by the Government of India. Since the government has made the intentions clear to bring crypto legislation, there have been several discussions on the crypto bill. The government has listed Cryptoassets and Regulation of Official Digital Currency Bill, 2021, for the ongoing winter session of the parliament.
As far as the latest situation, the bill may be deferred and may not be taken up during this session, which is scheduled to end next week. While there is still confusion regarding the proposed legislation, RBI in a statement, said that the 592nd meeting of the Central Board of Directors of the Reserve Bank of India took place in Lucknow under the chairmanship of RBI Governor Shaktikanta Das.
The RBI statement said that various aspects related to CBDC and private cryptocurrencies were discussed in the meeting. The government had recently informed the parliament about the RBI proposal on October 21 to amend the Reserve Bank of India Act,1934, and enhance the scope of the definition of bank-note for including the digital currency form.
As we know, the RBI is planning for a phased introduction of CBDC. With digital being the way forward, governments across the globe are looking for alternatives for fiat currencies along with regulations on private cryptocurrencies. The RBI has always expressed strong views against private cryptocurrencies, favoring a total ban. As per RBI, private digital currencies pose extreme risks to the macroeconomic and financial stability of the country.