Daijiworld Media Network – New Delhi

New Delhi, Jun 7: The Reserve Bank of India (RBI) on Friday clarified that its position on cryptocurrency remains unchanged, despite recent Supreme Court observations suggesting a ban may not be practical.

“There is no new development following the Supreme Court pronouncement on the crypto matter,” said RBI governor Sanjay Malhotra during the post-policy press conference. “The RBI continues to hold a consistent view. A government panel is currently examining the issue. Our concerns regarding the risks crypto poses to financial stability and monetary policy remain.”

The statement comes days after a Supreme Court bench led by Justices Surya Kant and N Kotiswar Singh observed that an outright ban on cryptocurrency may not be viable in light of global financial trends. The court stressed the urgent need for a proper regulatory framework, citing the growing scope for misuse in its absence.

Meanwhile, the RBI has unveiled a new three-pillar framework for creating and updating financial regulations. This includes public consultations with stakeholders, impact analysis (including qualitative aspects), and a regular review mechanism to ensure regulations stay in step with changing economic conditions.