India has maintained a cautious approach towards cryptocurrencies while promoting the underlying technologies such as distributed ledger technology and tokenisation, RBI Governor Sanjay Malhotra said on Saturday.
Malhotra said India supports innovation in technologies underlying crypto assets, including distributed ledger and tokenisation, but remains cautious about cryptocurrencies due to concerns over monetary sovereignty, monetary policy and capital flows.
“So, our approach has been to promote the underlying technologies, and we are using some of these in the central bank and outside in PPP (public-private partnership) mode. But insofar as crypto is concerned, it has been a cautious approach,” he said at the Kautilya Economic Conclave.
Expressing concerns about cryptocurrencies, the RBI Governor said it is related to the ‘singleness of money’ and their potential implications for monetary policy, particularly in emerging market economies, where capital flow restrictions are in …
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