Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the central bank's distinctive stance on cryptocurrency regulations, stating that the RBI will not follow global trends blindly. Speaking at a BFSI summit organized by Mint, Das remarked, "What is good for another market need not be good for us. Therefore, our views – both that of the Reserve Bank and personally mine – remain the same regarding cryptocurrency regulations."
Das's comments follow the recent approval by the US Securities and Exchange Commission for changes allowing the creation of bitcoin exchange-traded funds in the United States. Despite global shifts, Das underlined the importance of maintaining a tailored approach to suit India's unique economic landscape.
Addressing concerns about the forthcoming vote-on-account and its potential impact on inflation, Das expressed confidence based on the government's track record. He stated that, judging from past experiences, the interim budget is unlikely to exert inflationary pressures.
The governor also pointed out the government's proactive measures on the supply side to mitigate the impact of the Russia-Ukraine war on rising prices. Das's remarks reinforce the RBI's commitment to navigating economic challenges independently, keeping the nation's best interests in mind.
—Input from Agencies