‘Distant deep issues’: RBI Governor Shaktikanta Das reiterates concern over cryptocurrencies

New Delhi: Reserve Bank of India Governor Shaktikanta Das has once again expressed concern over cryptocurrencies. Speaking at the SBI Banking and Economics Conclave on Tuesday, he said that “virtual currencies involve much deeper issues that may pose a threat to the economic and financial stability of the country,” Das said.

He further added that there are very deep issues that need to be discussed in depth when RBI says that cryptocurrencies are a serious concern. “When the RBI, after due internal deliberations, states that there are serious concerns over macroeconomic and financial stability, there are deeper issues which require more in-depth discussion and more well-informed discussion,” the governor said.

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The statement came just days after he chaired a meeting about cryptocurrencies over misleading claims of huge returns on crypto investments.

Earlier, at an event a week ago, Das had already said that digital virtual currencies pose a serious threat to the country’s macroeconomic and financial stability. He also cast doubt on the alleged number of investors holding crypto assets and the claimed market value of those investments.

The Parliamentary Standing Committee on Finance on Monday discussed the pros and cons of cryptocurrencies with various stakeholders. Several members in that discussion were of the view that crypto exchanges should be regulated rather than banned outright, PTI had reported.

The RBI governor said that he was not aware of what the Standing Committee discussed and discussed in its discussion on cryptocurrencies. He cast doubt on the current trading numbers in cryptocurrencies and said that people are being lured to open accounts by giving them credit.

“We have received a lot of feedback that credit has been provided for opening accounts and various other types of incentives are being provided for opening accounts, but the total account balance is around Rs 500, Rs 1,000 or Rs 2,000, and in this Includes around 70 to 80% accounts,” the governor said.

According to a PTI report, the government is likely to introduce a bill on cryptocurrencies in Parliament during the winter session that begins on November 29.