Regulating private cryptocurrencies has become an area of ​​focus recently, with the central bank warning the government not to allow it even as the latter introduces legislation to regulate cryptocurrency.

The Reserve Bank of India (RBI) Central Board of Directors on Friday discussed central bank digital currencies (CBDCs) and cryptocurrencies, among other issues, at its 592nd meeting held in Lucknow.

Regulating private cryptocurrencies has become an area of ​​focus recently, with the central bank warning the government not to allow it even as the latter introduces legislation to regulate cryptocurrency.

The Reserve Bank of India has taken a more positive view of digital central bank currencies and plans to introduce two different types of them. T Rabi Sankar, Deputy Governor of the Reserve Bank of India, said earlier this month that the central bank is working on two types of digital central bank currencies – one based on wholesale account and one based on retail. “Great progress has already been made with wholesale account-based accounts, while retail CBDCs are more complex and will take longer. Depending on which one is ready first, the RBI will launch cryptocurrencies as a pilot program.

On Friday, the council also reviewed the current local and global economic situation, emerging challenges and remedial measures. It reviewed the Reserve Bank of India (RBI) income statement for the half year ending September 30, 2021. The Board also discussed various areas of RBI operations, including the work of local councils, activities of selected central office departments and a draft report on direction and progress. Banking in India, 2020-21.

The meeting was attended by Conservative MPs Mahesh Kumar Jain, Michael Depabrata Patra, Maha Rajeshwar Rao, Sankar and other Central Council Directors Satish K. Marath, S Gurumurthy, Revathi Iyer and Sachin Chaturvedi. Dibasish Panda, Secretary of the Financial Services Department also participated.

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