Internal Conflict about Cryptocurrency at RBI’s Secret Meeting

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Key Takeaways:

  • Internal conflict about cryptocurrency at RBI’s secret meeting.
  • The Board assessed the country’s present internal and global financial situation and emerging concerns and potential solutions.
Internal Conflict About Cryptocurrency At Rbi'S Secret Meeting
Internal Conflict about Cryptocurrency at RBI’s Secret Meeting

The Reserve Bank of India’s Central Board of Directors discussed the issue of private cryptocurrencies and many aspects of Central Bank Digital Currency in the most recent update in the Indian crypto and CBDC field (CBDC). 

The 592nd meeting of the Reserve Bank of India’s Board of Directors, held in Lucknow today under the chairmanship of Governor Shri Shaktikanta Das, reportedly saw an internal conflict of interest in the future of cryptocurrency in India.

According to a CNBC-TV18 insider source, a majority of the board members were sceptical of private cryptocurrencies and their impact on financial stability. However, a board member, professor Sachin Chaturvedi expressed a pro-crypto stance, stating that the country should not close the door for private cryptos and certainly not ban them.

While discussing CBDCs and private cryptocurrencies, the Board also evaluated the nation’s current domestic and global financial state of affairs and growing issues and remedial measures, according to the substance of the RBI’s press statement. 

The RBI’s half-yearly revenue statement was also available, as well as information on the bank’s numerous operations, including 

“The running of the Local Boards, activities of select Central Office Departments, and the draft Report on Trend and Progress of Banking in India, 2020-21.”

“The meeting was attended by Deputy Governors Shri Mahesh Kumar Jain, Dr Michael Debabrata Patra, Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, and other Central Board Directors – Shri Satish K. Marathe, Shri S. Gurumurthy, Ms Revathy Iyer, and Prof. Sachin Chaturvedi. The meeting was also attended by Shri Debasish Panda, Secretary, Department of Financial Services,” according to the article.

The Indian Crypto Bill may be postponed even again, according to CoinGape’s exclusive reportage. It was reported earlier this week that the crypto bill had not yet been finalised and that it could not be tabled for debate in parliament unless the draft bill had cabinet approval.

Sources revealed that the proposed ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is not on the agenda of the Union Cabinet meeting on December 15.”

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Chetna Prakash

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