Managing cryptocurrencies

Govt must address regulatory concerns

Given the huge surge of trading interest in cryptocurrencies, the government needs to create a regulatory framework for these virtual assets on a priority basis. Indeed, the Reserve Bank of India (RBI) Governor Shaktikanta Das has said that legislative and regulatory action pertaining to cryptocurrencies may be announced in a “very short time”. He is also unequivocal that the RBI has “serious concerns” about these assets as they represent a danger to macroeconomic and financial stability, although the central bank’s panel, which is tasked with studying these, is expected to submit its report only in December. The government is also