ക്രിപ്റ്റോകറൻസികളുടെ കാര്യത്തിൽ ഇന്ത്യ ജാഗ്രത തുടരുമെന്ന് ആർബിഐ ഗവർണർ സഞ്ജയ് മൽഹോത്ര വ്യക്തമാക്കി. ഡിജിറ്റൽ സാങ്കേതികവിദ്യകളെ പ്രോത്സാഹിപ്പിക്കുമെങ്കിലും, പണത്തിന്റെ പരമാധികാരത്തെയും സാമ്പത്തിക നയങ്ങളെയും ബാധിക്കുമെന്ന ആശങ്ക നിലനിൽക്കുന്നു. അതിർത്തി കടന്നുള്ള പണമിടപാടുകൾക്ക് സെൻട്രൽ ബാങ്ക് ഡിജിറ്റൽ കറൻസികൾ മികച്ച പരിഹാരമാകുമെന്ന് അദ്ദേഹം ചൂണ്ടിക്കാട്ടി.
Synopsis
India's cautious approach towards cryptocurrencies emphasises the importance of underlying technologies like distributed ledger and tokenisation. RBI Governor Sanjay Malhotra expressed concerns regarding monetary sovereignty and its effects on capital flows. While domestic payments are efficient, challenges remain in cross-border transactions, which may benefit from central bank digital currencies. The rising public debt and bond yield movements reflect the increased spending attributed to artificial intelligence.
New Delhi: India has maintained a cautious approach towards cryptocurrencies while promoting the underlying technologies such as distributed ledger technology and tokenisation, RBI Governor Sanjay Malhotra said on Saturday.
Malhotra said India supports innovation in technologies underlying crypto assets, including distributed ledger and tokenisation, but remains cautious about cryptocurrencies due to concerns over monetary sovereignty, monetary policy and capital flows.
"So, our approach has been to promote the underlying technologies, and we are using some of these in the central bank and outside in PPP (public-private partnership) mode. But insofar as crypto is concerned, it has been a cautious approach," he said at the Kautilya Economic Conclave.
Expressing concerns about cryptocurrencies, the RBI Governor said it is related to the 'singleness of money' and their potential implications for monetary policy, particularly in emerging market economies, where capital flow restrictions are in place.
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"The problem that you are trying to address is primarily not so much of domestic payments, because domestic payments within our country and in many countries now are quite fast, cheap and convenient," he said.
The more significant challenge is cross-border payments, for which other solutions, including central bank digital currencies (CBDCs), can be explored, he said.
On rising public debt and hardening bond yields globally, Malhotra said the yield movement is essentially a function of demand and supply, with government and private-sector spending rising, including on account of artificial intelligence (AI).
"Money is scarce, spending has increased, both by the government as well as private enterprises, led by AI, and so that's what is leading to the hardening of the bond yields and debts," he said.
Malhotra said the RBI's monetary policy primarily focuses on domestic growth-inflation dynamics. But global interest rates also have implications for India, including through their impact on real interest rates in the country.
"That is something that we need to take care of," he said.
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