RBI in Constant Engagement with Government on Cryptocurrency, Says Shaktikanta Das

RBI governor Shaktikanta Das during the press conference on Wednesday, June 8.

RBI governor Shaktikanta Das during the press conference on Wednesday, June 8.

The RBI’s stance was announced by the governor, Shaktikanta Das, during a press conference after he announced decisions taken at the bi-monthly RBI MPC meeting.

RBI MPC: The Reserve Bank of India on June 8, Wednesday, held a press conference after announcing its decisions taken at the Monetary Policy Committee meet that ended on the day after three days of deliberations. During the press conference, RBI governor Shaktikanta Das said that there was constant engagement between government and RBI on cryptocurrencies.

When asked if there has been any further dialogues between the government and the RBI regarding the consultation paper which is set to come out soon, RBI governor Shaktikanta Das said that the central bank is constantly engaging with the government on the issue. “I can say that on all issues there is constant engagement between the government and the Reserve Bank, including the cryptocurrency issues. We have given our views to the government. Let’s wait for the discussion paper,” said Das.

Earlier on May 31 this year, economic affairs secretary Ajay Seth said that the finance ministry has almost completed its work on preparing the consultation paper on cryptocurrencies, and will submit the same soon. “The consultation paper is fairly ready. We have gone through a deep dive and consulted not just domestic stakeholders but also multilateral institutions like IMF and World Bank. We hope we’ll soon be in a position to finalise and submit it,” said Seth while speaking at an event.

Seth has also said that India is consulting with other countries across the world regarding global regulations on cryptocurrencies, and India’s role if such actions are taken. He had told the press that there is a need to reach a consensus globally on cryptocurrencies and India would look at the regulations imposed in other countries first, before taking an decisions of the sort.

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What Did RBI Governor And FM Sitharaman Say On Cryptocurrency Today? Read Here

New Delhi: In a press conference today, RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman said that the government and RBI are discussing the cryptocurrency matter internally and there is complete harmony between them. Das also cleared the air around Monetary Policy Committee’s inflation projections. He was addressing a press conference after the central board meeting.Also Read – LIC IPO: What We Know So Far

On cryptocurrency, FM Sitharaman said, “With RBI & Ministry, not just on crypto but on every other thing as well, I think there’s complete harmony with which we’re working, respecting each other’s domain also knowing what we’ve to do with each other’s priorities & in interest of the nation. There’s no turfing here.” Also Read – When Will RBI Launch Digital Rupee And How Will it be Different From Normal Currency? Shaktikanta Das Answers FAQs

Also Read – RBI Leaves Repo Rate Unchanged at 4%, Projects Real GDP Growth at 7.8% FY 2022-23 | 10 Points

Das added, “Like several other issues, this particular issue is internally under discussion b/w RBI & Govt. Whatever points we have, we discussed with Govt. Beyond that I think I will not like to further elaborate.”

‘Inflation On A Downward Slope’

Since Thursday, various media reports have emerged that have questioned the MPC’s stance to keep the interest rates unchanged and decrease the inflation projection for the next year amidst rising crude oil prices and geopolitical tensions.

The RBI projected an inflation rate of 4.5 per cent for the year 2022-23. The repo rate has been kept unchanged since May 2020 at 4 per cent. On the other hand, the crude oil prices touched $95 per barrel on Monday.

Das, however, was confident about the projections. “As far as India is concerned, if you look at the momentum of inflation right from last October onward, it is on a downward slope. It’s primarily the statistical reasons, the base effect, which has resulted in higher inflation especially in Q3”, he said.

He further stated that RBI has taken inflation into account before calculating the projection. He added, “The same base effect will play in different ways in the coming months. Today’s inflation print is expected to be close to 6%. That should not surprise or create any alarm because we have taken that into consideration.”

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