The road to cryptocurrencies in India is getting tougher. When the crypto tax was announced in the general budget, new RBI Governor Shaktikanta Das has alerted the investors. RBI Governor said that we continue to stand on the earlier stand of cryptocurrencies. This is very dangerous for the economy.
During the interaction with the media, RBI Governor Shaktikanta Das said, "Earlier I had said that investors should take their own decision, but investors have to keep this in their mind that whatever they are investing, it is their responsibility." No rules have been made by RBI in this regard.
What was said on digital currency: RBI Deputy Governor T Ravi Shankar said that we have been working on Central Bank Digital Currency (CBDC) for almost one and a half years. In this budget, there is a proposal that changes will be made in the RBI Act for digital currency.
After this change, we can move on. In response to the question of when it will be launched, RBI Governor Shaktikanta Das said that we do not want to give any timeline. We are not in a hurry, will launch it completely safely and carefully. At the same time, Deputy Governor T Ravi Shankar said that the government is not taking the help of any outside agency for this currency.
What to say on inflation: The prices of crude oil have increased for the last few months, but the prices of petrol and diesel remain unchanged. At the same time, for the current financial year, the Reserve Bank has kept the inflation forecast at 5.3 percent, which is very close to the RBI's satisfactory level. Reserve Bank Governor Shaktikanta Das has also reacted to this estimated figure. Shaktikanta Das said that we are aware of every situation. We have made this guess after understanding everything.
Shaktikanta Das said core inflation remained at a high level of the satisfactory range. However, the tax cut on petrol and diesel in November last year is expected to ease the pressure on raw material costs to some extent.
No change in repo rate: Let us tell you that once again RBI has not changed the repo rate. RBI retained it at 4 percent. This means that there will be no change in the monthly installment of the bank loan.
This is the 10th consecutive time that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has not made any change in the repo rate. Earlier on May 22, 2020, to stimulate demand, the repo rate was reduced to a record low. Along with this, the reverse repo rate has been kept unchanged at 3.35 percent.
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