RBI will not emulate others on regulations; world cannot afford a 'crypto mania': RBI chief
Thursday, 11 January 2024 RBI Governor Shaktikanta Das reaffirms the central bank's opposition to cryptocurrencies and US regulators allowing bitcoin ETFs. He emphasizes that the RBI does not emulate others' regulations and highlights the risks that cryptocurrencies pose to financial stability. The governor also mentions the cautionary advice issued by the US capital markets regulator regarding the risks of cryptocurrencies. Additionally, Das comments on the forthcoming vote-on-account, stating that he does not expect it to be inflationary based on the government's past records.
RBI's action against Paytm and Kotak Mahindra Bank for non-compliance raised concerns. Kotak Mahindra's failure to meet data storage requirements led to RBI directives. Similar actions were taken against HDFC Bank in 2020. The events underscore the need for stronger regulatory mechanisms.
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Thursday, 11 January 2024
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