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In an interview with PTI on Sunday, member of India’s Monetary Policy Committee (MPC), Ashima Goyal, discussed cryptocurrency and the anxiety surrounding India’s upcoming crypto legislation. The MPC is tasked with determining the policy interest rate needed to assure the inflation target.
Having served on several government committees, including the Prime Minister’s Economic Advisory Council and the Reserve Bank of India (RBI) technical advisory committee for monetary policy, Goyal is widely published in institutional and open economy macroeconomics, international finance, and governance.
When asked about cryptocurrencies, she corrected the interviewer and hinted to referring to crypto tokens instead, as they are not acceptable or adequate as currencies. More importantly, she opined that they should not be banned as legal tender, but rather regulated as tokens. Goyal said:
“Only large transactions, from investors who are aware of the risks, may be permitted.
A total ban is difficult to implement and would only increase illegal activities and participation in the darknet.”
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The Reserve Bank of India keeps to its latest statement, that cryptocurrencies are “prone to fraud and to extreme price volatility,” and that they “pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism (CFT).”
Recently, the RBI advised the government to implement an all-out ban on crypto, believing that a partial ban will not work.
Currently, there is no law specifically for cryptocurrency in India but the Indian government is working on cryptocurrency legislation. However, a crypto bill that was listed for consideration in the winter session of parliament was not taken up. The government is now reportedly reworking the bill.