New Delhi: On the one hand, the government is preparing to enact a law on cryptocurrencies (Cryptocurrency), which will define cryptocurrencies and decide the future of private cryptocurrencies. On the other hand, Reserve Bank of India (RBI) Governor Shaktikanta Das has been constantly expressing concern over private digital currencies like Bitcoin, and Etherium.

Shaktikanta Das said at an event that the central bank is "seriously" concerned about cryptocurrencies like Bitcoin and has conveyed the concern to the government. Now the final decision in this matter has to be taken by the government. He said there needs to be 'credible explanations and answers' about the contribution of cryptocurrencies to the economy. Private cryptocurrencies like Bitcoin are not covered by the regulation. Its price also fluctuates considerably. There are voices that are being treated as foreign assets. The government has to decide whether to allow them completely or not.

Earlier on June 4, the RBI Governor had openly expressed his opinion on private cryptocurrencies. On cryptocurrency investors, Das said RBI is not giving any advice on investing in digital currency. It will be the investors' own decision. On cryptocurrency, Union Finance Minister Nirmala Sitharaman had said on August 16 that the government has been enacting a law that will regulate it. The Finance Minister even said that a cabinet note on crypto law is ready. I look forward to the day when the cabinet will get the green signal.

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