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RBI's views might have delayed crypto bill: Deputy Governor Michael Patra

Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity.

February 24, 2022 / 12:22 PM IST
The Reserve Bank of India.

The Reserve Bank of India.

Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank’s views about cryptocurrencies might have delayed the government’s proposed legislation on crypto assets.

Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity.

The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it.

"RBI’s view is quite known on crypto. I think it is the one of the views that has actually delayed a bill on that subject but we will engage in a fair debate on that subject and will look at all sides of the debate,” Patra said, speaking at an event organised by the Pune International Centre.