ASSOCHAM calls for extreme care regarding introduction of cryptocurrency

Updated:9 months, 2 weeks ago IST

New Delhi, Apr 08 (ANI): Commenting on the Reserve Bank of India's (RBI) move to explore and examine the introduction of official virtual currency in the country, apex trade association, the ASSOCHAM, cautioned that extreme care needs to be taken to ensure safety of data trail that the cryptocurrency can leave, as it changes hands through a range of electronic devices and platforms. It goes without saying that the liability of the RBI, as is the case with the hard currency, would be clearly defined in the case of virtual currencies as well. "Different situations of usage of the virtual currency have to be simulated," said ASSOCHAM. On April 5, after the Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) had announced reviewing the feasibility of introducing a central bank digital currency. The Reserve Bank stated that the newly-formed committee would be submitting a report on the aforementioned matter by the end of June this year.

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