According to The Economic Times, Shaktikanta Das, chairman of the Reserve Bank of India (RBI), said at the Business Standard BFSI Insight Summit that he is concerned about the impact of cryptos on the country’s financial stability.
Das also stated that he shared these concerns with the government. He also stated that the number of participants in India’s crypto industry is probably overstated:
Crypto Regulations On The Agenda
Earlier this week, it was stated that parliament will vote on crypto regulations in the next winter session.
According to government sources reported by local media outlets, the plan to impose a general ban on cryptos has been shelved as it would hurt many investors. However, India does not intend to legally recognize crypto.
The amended bill is expected to strike a balance between overseeing the industry and supporting innovation.