Need to monitor cryptocurrency says RBI Deputy Governor

Echoing the earlier statement of Raghuram Rajan, who is the current Governor of Reserve Bank of India (RBI), now the Deputy Governor SS Mundra has called for regulating the cryptocurrency market in India and to monitor it well to ensure that it “does not pose any concerns.”

Mundra expressed his viewpoint while speaking at the annual Financial Institution Benchmarking Calibration (FIBAC) conference in Mumbai. He further said that “it is near impossible to regulate the behavior and choices of individuals…hence, it will be more practical for the regulatory authorities to push for bringing in appropriate regulatory changes in their jurisdiction which would enable regulation of the aggregators’ electronic dealing platform.  “

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He also said that as a regulator, one may not be ostensibly concerned over the way through which the finance is raised. However, he said, that still “there are concerns around orderly growth of the system, consumer protection and grievance redressal, disaster recovery and business stability plans for the intermediating electronic platforms.”

Mundra’s statement means that RBI is seriously pondering over ways to monitor the world of cryptocurrency although, as Rajan mentioned last week, it

Read more ... source: TheBitcoinNews