NEW DELHI: As the government is in the process of drafting the Cryptocureency Bill, the Central Board of Reserve Bank on Friday on Monday discussed various aspects related to Central Bank Digital Currency and private cryptocurrencies.
“The Board also discussed various aspects relating to Central Bank Digital Currency and Private Crypto Currencies,” The RBI said in a statement after the board meeting.
According to the sources, while the discussion was largely directed towards implementation strategy for the introduction of Central Bank Digital Currency (CBDC), board members shared their reservations against the private Crypto.
RBI governor Shaktikanta Das had expressed his reservation against Cryptocurrency on many occasions, in strong words. The government has proposed to bring in legislation on cryptocurrencies.
It has listed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for consideration in the ongoing Winter Session of Parliament.
The RBI has been examining use cases and working out a phased implementation strategy for the introduction of Central Bank Digital Currency (CBDC) with little or no disruption.
CBDC is introduced by a central bank. However, sources said that it may not be taken up during the session scheduled to end next week.
The Board also reviewed the current domestic and global economic situation, evolving challenges and remedial measures, as cases of Omicron is rising globally.