‘No change in stance on crypto, concerned over risks to policy, stability’

MUMBAI: RBI said its stance on cryptocurrency remains unchanged, even as a govt panel continues to examine the issue. “There is no new development following the Supreme Court pronouncement on the crypto matter,” RBI governor Sanjay Malhotra said at the post-policy press conference. “RBI has maintained a consistent stance on this issue. A govt committee is currently examining the matter. We remain concerned about the potential risks crypto poses to financial stability and monetary policy,” he said.In a recent order, an SC bench led by Justices Surya Kant and N Kotiswar Singh said that banning crypto is not a viable option given global developments in financial systems. The SC observed that the absence of a regulatory framework has created room for misuse and asked govt to act. Separately, he said RBI has rolled out a new framework for regulation-making, built on three pillars: public consultations with stakeholders, impact analysis-including qualitative assessments-and regular review of regulations to keep pace with steadily evolving conditions.