The chairman of the State Bank of India (SBI) has spoken in favor of cryptocurrency regulation in an interview. He believes that it is necessary to regulate cryptocurrencies. Last week, the chairman attended IMF meetings in Washington, D.C., with Finance Minister Nirmala Sitharaman.
SBI Chairman Advocates for Crypto Regulation
State Bank of India Chairman Rajnish Kumar has reportedly argued for cryptocurrency regulation in India, despite the government considering a bill to ban all cryptocurrencies except state-issued ones. SBI, the largest bank in India and a Fortune 500 company, is a government-owned corporation headquartered in Mumbai.
In an interview with PTI on Thursday, Kumar was asked about cryptocurrency. He replied, “the way the world is moving towards digitization, at some stage, a regulated cryptocurrency would be a better bet than an unregulated one,” the news outlet conveyed, and quoted him as saying:
Let’s see. Because there’s a dark side of the internet also. There can be misuse of the digital currencies. That is why regulation is [a] must.
The chairman added that efforts are being made to bring technologies like blockchain into the functioning of banks, the news outlet noted.
SBI Chairman Rajnish Kumar
Kumar was in Washington, D.C., last week as part of the Indian delegation led by Finance Minister Nirmala Sitharaman at the annual meetings of the International Monetary Fund (IMF) and the World Bank. At the event, the finance minister and RBI Governor Shaktikanta Das talked briefly about cryptocurrency with respect to Facebook’s Libra digital currency project.
Meanwhile, the government of India has been deliberating on a draft bill to ban cryptocurrency which was submitted to the Finance Ministry back in February.