- The chief economic advisor of India wants regulators to promote revolution in the cryptocurrency sector at the time of upholding transparency and accountability.
- Moving forward, he highlighted the significance of transparency mentioning that regulators should not be afraid of sharing information and ensuring their actions line up with the societal goals.
- The policy paper clarifying crypto’s standing is continuously been delayed as the country has changed its resources towards making and testing the central bank digital currency.
The new governor of the Reserve Bank of India, Sanjay Malhotra attended his first press conference on December 11, in which he said that the central bank will continue its continuity and stability in policy matters, but highlighted the need to remain “alert and agile” in terms of the existing global economic and political environment.
In his first interaction, the Governor said that we have to be aware of the fact that we continue to maintain continuity as well as stability, we can not be glued to it, and we have to be alert and agile to tackle challenges.
In his statement, he also highlighted that regulators should not be in the way of innovation be it cryptocurrency or online gaming. And, the central bank will be interacting with all sectors such as financial regulators, state governments, and the center to carry on the Reserve Bank’s legacy.
What does the chief economic advisor say?
The chief economic advisor of India wants regulators to promote revolution in the cryptocurrency sector at the time of upholding transparency and accountability. At the Global Economic Policy Forum 2023, V. Anantha Nageswaran, the chief economic advisor of the Ministry of Finance revealed that regulators must not in the way of innovation in crypto mainly including Bitcoin.
He mainly highlighted the requirement to balance revolution with societal requirements, highlighting that financial illiteracy is the major problem in our country and many developed countries. We need to make sure that the criteria set for regulators don’t hinder revolution.
Moving forward, he highlighted the significance of transparency mentioning that regulators should not be afraid of sharing information and ensuring their actions line up with the societal goals. As per the official, the same theory that applies to the financial revolution must also apply to regulators.
The policy paper
By sticking to these norms and identifying the limits of their unelected powers, he claimed, regulators can back growth in fast-growing markets such as cryptocurrency while protecting public interests.
The policy paper clarifying crypto’s standing is continuously been delayed as the country has changed its resources towards making and testing the central bank digital currency (CBDC).
The Reserve Bank of India which has opposed cryptocurrencies for a long time, has continued a careful stance having some reports claiming that the regulators are in favour of restricting private cryptocurrencies because of concerns revolving around financial stability and risks to investors.
Not long ago, Jetking Infortrain, an IT company in India created history after becoming the first publicly listed business in the country to add Bitcoin to its corporate portfolio.
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