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Constant Deliberations On Between GOI And RBI On Cryptocurrencies-RBI Governor

Manoj Nair




The RBI is on an overdrive and is holding wide spread discussions to hammer out a clear cut policy with regards to Cryptocurrency. Reserve Bank Governor Shaktikanta Das was speaking at a press conference and was giving the details of decisions taken at the bi-monthly RBI MPC meeting.

Reserve Bank MPC or the Monetary Policy Committee had been in three days of deliberations and RBI Governor gave the details of the decisions in a press conference on June 8. RBI governor Shaktikanta Das also said constant deliberations are on between the Government and RBI on Cryptocurrencies.

RBI And GOI On The Same Page

The Reserve Bank Governor was asked if there have been any deliberations between GOI and RBI about consultation paper which is set to come out soon the RBI governor answered in affirmative and said that it is an ongoing process and the Central Bank is continuously engaging with the Government on the issues.

The Reserve Bank Governor said that the views of the Central bank regarding cryptocurrencies are widely known and the Government has been constantly made aware of it. It is for the Government to have the final say in the matter.

The Finance Minister had for the first time dealt on cryptoassets and had proposed a 30% TDS on all Cryptocurrency transactions regardless of the size. This had led to a bitter debate and many in the crypto sector had decried the decision. Te Finance Minister did not remove the ambiguity surrounding Cryptocurrencies and further added to the uncertainty by saying that the tax TDS does not in any way point to the acceptance of Crypto assets like fiat currencies.

Need For A Global Consensus With Regards To Cryptocurrencies

In May 31 the economic affairs secretary Ajay Seth informed that details of the policy papers on cryptocurrency is almost ready and the same will be submitted soon.  The economic affairs secretary further revealed that wide range of discussions was held not only with the local players but also with multilateral institutions like IMF and World Bank. Mr. Seth also emphasized the need for a global consensus with regards to cryptocurrencies.

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