TechFlow news, on October 28, according to Cryptonews, Shaktikanta Das, Governor of the Reserve Bank of India, delivered remarks at the Peterson Institute for International Economics' "Macroeconomic Week" conference, issuing another strong warning against cryptocurrencies. He emphasized that privately issued cryptocurrencies, if possessing monetary attributes, would severely undermine the central bank's ability to control money supply.
Regarding monetary sovereignty, Das pointed out that the authority to issue currency has always been a matter of national sovereignty. He stated that the decentralized nature of crypto assets could lead some economic activities to operate outside the central bank's regulatory framework, thereby affecting the management of money supply and inflation control, posing potential risks to financial stability.
On the regulatory front, India has established a relatively comprehensive management system for crypto assets. The Ministry of Finance imposes a 30% tax rate on income from crypto asset transactions, with no allowance for loss offsetting. Meanwhile, the Reserve Bank of India is actively advancing research and development of its central bank digital currency (CBDC) to safeguard autonomy in monetary policy during the digital economy era.
Das particularly stressed that, given the cross-border mobility of crypto assets, regulatory authorities worldwide need to enhance policy coordination and establish unified risk prevention mechanisms. Despite the increasing institutionalization of the global crypto asset market, the Reserve Bank of India will continue to uphold a prudent regulatory stance to guard against systemic financial risks.
