New Delhi: The Central Board of the Reserve Bank of India (RBI) on Friday discussed various issues related to central bank digital currency (CBDC) and private cryptocurrencies, RBI said in a statement.
Governor Shaktikanta Das presided over the 592nd meeting of the Central Board of Directors held in Lucknow.
The RBI is working towards a phased implementation strategy for a central bank digital currency (CBDC), although it has, on several occasions, expressed reservations with private cryptocurrencies.
Last month, the governor reiterated that cryptocurrencies are a serious concern from the perspective of macro-economic and financial stability.
A central bank digital currency (CBDC) is a sovereign currency in an electronic form and will appear as a liability (currency in currency) on a central bank’s balance sheet. A 2021 survey by the Bank for International Settlements (BIS) found that 86 percent of central banks were actively researching the potential of CBDCs, 60 percent were experimenting with the technology and 14 percent were deploying pilot projects. Were.
According to a PTI report, Finance Minister Nirmala Sitharaman recently told the Lok Sabha that there is no proposal to recognize bitcoin as a currency. In a separate reply, Minister of State for Finance Pankaj Choudhary said the government had received a proposal from the RBI in October to amend the Reserve Bank of India Act, 1934 and expand the scope of the definition of ‘bank note’. Currency in digital form.
The Board reviewed the current domestic and global economic situation, emerging challenges and remedial measures. The central board also reviewed the RBI’s half-yearly income statement for the half year ended September 30, 2021. It discussed the working of local boards, activities of select central office departments and various areas of operations of the Reserve Bank including the draft. Report on Trend and Progress of Banking in India, 2020-21.
Deputy Governor Mahesh Kumar Jain, Dr. Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Shankar and other directors of the Central Board were present in the meeting. Debashish Panda, Secretary, Department of Financial Services also attended the meeting.
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