Reserve Bank of India red-flags cryptocurrency risks in board meet

Officials say introduction of CBDCs will obviate need for private cryptos

The Reserve Bank of India (RBI) on Friday apprised the board members about its reservations around private cryptocurrencies while updating the progress on its yet-to-be launched Central Bank Digital Currency (CBDC).

In the 592nd meeting of RBI’s board of directors at Lucknow, senior officials, including Governor Shaktikanta Das, who also headed the board, discussed a host of issues, including the CBDC. Cryptocurrencies, according to a source, was not part of the agenda, but one board member wanted to know why the central bank wanted to ban private cryptocurrencies.

Currently, there is no regulation or any ban on the use of cryptocurrencies in