India: RBI Deputy Governor’s Reappointment Could Maintain Crypto Policy Status Quo
The Reserve Bank of India (RBI) Deputy Governor Michael Patra has been reappointed for another year, effective January 15. The Appointments Committee of the Cabinet (ACC) confirmed Patra’s extended tenure, which could impact India’s stance on crypto regulation.
Patra reportedly joined the RBI in 1985, and has had experience in different roles within the central bank. His initial appointment as Deputy Governor and subsequent extension mean the RBI’s financial viewpoint on cryptoassets remains unchanged.
RBI’s influence on crypto policies
In February 2022, Patra was quoted as saying that the delay in India’s crypto legislation was possibly influenced by the RBI’s stance on crypto. During an event, he revealed that the government planned to introduce a crypto bill in Parliament. It has been two years since that announcement, and the bill is yet to materialize.
Previously, the government has aligned with the RBI when it comes to the risks associated with cryptocurrencies. The administration has acknowledged the value of blockchain technology, encouraging its use in the fintech sector. But private cryptocurrencies have been viewed as dangerous for India’s financial stability.
India’s cautious approach
Last year, at the G20 Finance Ministers and Central Bank Governors’ meeting chaired by India, the discussion emphasized the significant risks associated with cryptocurrencies. The meeting acknowledged the Reserve Bank of India’s (RBI) concerns, and while the RBI supported a complete prohibition, the group stopped short of endorsing a widespread ban.
In a recent move, Apple’s App Store in India blocked applications from Binance, KuCoin, and eight other crypto exchanges. This action aligned with the government’s cautious approach towards unregulated foreign crypto entities.
Patra’s reappointment signals a continuation of the RBI’s firm stance on cryptocurrency regulation. His leadership would navigate digital assets with caution. Despite India and other G20 nations working towards a globally informed crypto roadmap.
However, the introduction of a dedicated crypto bill in 2024 remains uncertain. But Patra’s renewed term could be crucial for the bill.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
