The Reserve Bank of India is actively looking to launch India's own digital currency, Governor Shaktikanta Das said on Wednesday. The RBI is “very much in the game” in getting ready India's own digital currency, Das told a news channel.
At the same time, the central bank has its share of apprehensions regarding cryptocurrencies affecting the financial stability of India. The central bank's monetary authority has conveyed these “major concerns” to the government, Das added.
The RBI governor's statements come as the Narendra Modi’s government is all set to table a bill that proposes to prohibit all private cryptocurrencies in the country and create a framework for an official digital currency during the budget session.
While there was no set date for roll out, the project is “receiving our full attention” and the central bank is working on the technology and procedural aspects and is tying up several loose ends, Das said.
The RBI had, in 2018, banned crypto transactions following a slew of frauds after PM Modi's demonetisation move. The Reserve Bank of India had asked all regulated entities, such as banks, to stop any dealings related to private cryptocurrencies as part of that order, bringing crypto trading in India to a standstill. But the RBI embargo was overturned in March 2020 by the Supreme Court of India. However, there was still no clarity in crypto trading in the country.