11:30 (IST)

Sood adds that in order to sufficiently prove that VCs are detrimental to regulated payment systems and monetary policy as a whole, RBI must present independent and trusted studies that demonstrate the exact ramifications of people adopting crypto as a medium of exchange. In absence of any such research reports, the supposed danger posed by cryptocurrencies cannot be adequately established. Therefore, pre-emptive action is not warranted.

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