RBI Governor Shaktikanta Das on economic recovery, cryptocurrency, privatisation of state-run banks and more
Like the production of the Governor of the Reserve Bank of India, Kang Ta Das talks about issues such as economic recovery, privatization of state cryptocurrency banks. Cryptocurrency is a digital currency or virtual currency, it uses cryptographic technology to regulate the production of units and verify the movement of funds. These operate independently of the central bank.
Similar to the output of the Governor of the Reserve Bank of India’s output, Mr Kang Ta Das expressed confidence on Thursday that a new wave of coronavirus infection would not affect the economic recovery and would not maintain the Reserve Bank of India’s recent 10.5% growth forecast for next year. Concerned about the emergence of an outbreak of COVID-19 infection and the subsequent control of the blockade of many cities, the guarantee of the governor of the Reserve Bank of India is very important.
Former finance minister SC Garugu said on Thursday that the government should regulate cryptocurrencies, not ban them. During the adoption of virtual events hosted by industry group Assocham, Garg also said that too much emphasis is placed on cryptocurrencies and that these digital assets require a standard framework.
Economic recovery
“The resumption of economic activity is always a strong momentum,” Das said at the meeting. “I don’t think the Reserve Bank of India’s forecast for the 10.5% growth rate in fiscal year 22 was lowered last month.” PTI report, the country experienced blockades last year.
About Cryptocurrency news the governor said that despite an increase in infections in many parts of the country, the Mumbai Financial Neurology Center’s average daily record in 2021 was at an all-time high, hitting more than 5,000 on Wednesday, but never seen a national blockade.
Cryptocurrency
Regarding Cryptocurrency news, he said India’s central bank had raised great concern with the government and was still under review. He said: “I don’t think the Indian Central Bank and the government have any disagreements over cryptocurrencies.”
Privatization of state banks
Regarding the government’s decision to privatize state-owned banks, the central bank said it is discussing it with the government and the process will continue.
Mr Das said the centre had no choice but to cancel the last two lakh benchmark auctions, and demanded a relationship, saying it was not a fight between the central bank and the bond market. It is not a combat enemy. He also said that this ensures the stability of the Reserve Bank of India rupee.
The Central Bank of India banned cryptocurrency trading in 2018 and ordered all companies under the supervision of the central bank to stop trading virtual currency. The Supreme Court asked the Center to establish a crypto monetary policy in 2019, removing restrictions imposed by the Reserve Bank of India in 2020.
Garg said all Indian businesses are required to maintain digital accounts only for the next three to five years, adding that “national economic calculations can be incorporated into business accounts.”
He added that shortly, the entire accounting, auditing and reporting system could be automated.
