NEW DELHI: The change of guard at the Reserve Bank of India (RBI) is unlikely to change the central bank's position on private cryptocurrencies, two officials said.
In India, crypto-assets are not recognised as legal tender even though the government is yet to frame a specific legislation for crypto assets, they added, requesting anonymity. Currently, cryptocurrencies are unregulated in India, and the government is in the process of bringing out a discussion paper on this subject with options ranging from regulation to a complete ban, the two said.
"With RBI's digital currency (e₹) in circulation, the argument that technology of cryptocurrencies must not be outrightly discarded is no longer valid. The G20 synthesis paper of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) is the latest global guide on this matter; it suggests a minimum threshold for regulation, and doesn't stop any country from adopting higher restrictions including a complete ban", one official said.
This person added that RBI's policies are not individually driven. "It is true that the new governor was the revenue secretary, which made VDA [virtual digital asset] service providers reporting entities from March 7, 2023 to track the misuse of VDAs and cryptocurrencies for illegal activities such as terror financing under the Prevention of Money Laundering Act (PMLA). It does not accord any status of legal tender to private VDAs," he said.
Earlier, one of the persons said, Aditya Birla Group flagship Grasim Industries Ltd and Adani Group were approached for the deal, since some of their subsidiaries are engaged in construction and real estate that requires paints and coatings.
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