NEW DELHI: The change of guard at the Reserve Bank of India (RBI) is unlikely to change the central bank's position on private cryptocurrencies, two officials said.
In India, crypto-assets are not recognised as legal tender even though the government is yet to frame a specific legislation for crypto assets, they added, requesting anonymity. Currently, cryptocurrencies are unregulated in India, and the government is in the process of bringing out a discussion paper on this subject with options ranging from regulation to a complete ban, the two said.
"With RBI's digital currency (e₹) in circulation, the argument that technology of cryptocurrencies must not be outrightly discarded is no longer valid. The G20 synthesis paper of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) is the latest global guide on this matter; it suggests a minimum threshold for regulation, and doesn't stop any country from adopting higher restrictions including a complete ban", one official said.
This person added that RBI's policies are not individually driven. "It is true that the new governor was the revenue secretary, which made VDA [virtual digital asset] service providers reporting entities from March 7, 2023 to track the misuse of VDAs and cryptocurrencies for illegal activities such as terror financing under the Prevention of Money Laundering Act (PMLA). It does not accord any status of legal tender to private VDAs," he said.
Earlier, one of the persons said, Aditya Birla Group flagship Grasim Industries Ltd and Adani Group were approached for the deal, since some of their subsidiaries are engaged in construction and real estate that requires paints and coatings.
This story is from the December 18, 2024 edition of Hindustan Times Thane.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 18, 2024 edition of Hindustan Times Thane.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Tiger and Charlie hit five straight birdies, share lead
Tiger Woods and 15-year-old son Charlie ran off five straight birdies on the back nine for a 13-under 59 in the scramble format, giving them a share of the lead in the PNC Championship in Woods' first competition since back surgery in September.
Smriti, Renuka sparkle as India crush WI by 211 runs
The opener's 91 helps pile on the runs in 1st ODI before Renuka's fifer bundles out WI
Big win for Liverpool, Everton hold Chelsea
Liverpool extended their lead at the top of the Premier League with a dominant but chaotic 6-3 win at Tottenham Hotspur on Sunday thanks to doubles from Luis Diaz and Mohamed Salah.
Atletico seal late win at Barca, top La Liga
Atletico Madrid came from behind to snatch a last-gasp 2-1 victory over Barcelona and claim leadership of La Liga on Saturday.
Lenders auction more gold as Reserve Bank steps up scrutiny
Companies lending against gold are auctioning the collateral in higher quantities to recover stressed loans, at a time of rising regulatory scrutiny over the sector.
DAMANI NIXES BAT PICK FOR CHAIR OF VST INDUSTRIES
Top billionaire investor and D-Mart promoter Radhakishan Damani opposed the candidate for chairmanship proposed by British American Tobacco (BAT) for its Indian unit VST Industries Ltd, leading to his rejection at a shareholder vote, according to voting disclosures and an executive privy to the development.
Dozen auto firms set to be excluded from PLI scheme
These automobile companies have not been able to start investing as planned
Apex auto tester looks to accelerate to green lane
India's primary vehicle research and testing body plans to expand facilities that are focused on so-called new energy vehicles, seeking to keep pace with the government's rapidly accelerating green mobility drive.
Pakistan govt forms panel for talks with ex-PM Khan's party
The Shehbaz Sharif-led Pakistan government, on Sunday, formed a negotiation committee to start formal talks with jailed former prime minister Imran Khan's Pakistan Tehreek-e-Insaf (PTI) party after it threatened to give a call for civil disobedience.
Trudeau under fire; liberals eye Freeland
Pressure continues to mount on Canadian Prime Minister Justin Trudeau to quit, even as a movement is afoot within the ruling Liberal Party caucus for him to be replaced by Chrystia Freeland, who was Deputy PM and Finance Minister till her bombshell resignation, on Monday.
