Senior RBI officials believe cryptocurrency may lead to the dollarization of the Indian economy

Senior RBI officials have informed the parliamentary panel that cryptocurrency will lead to the “dollarization” of the economy. This will be harmful to India’s national interest.

The senior officials, including RBI governor Shaktikanta Das, spoke to the parliamentary standing committee on finance chaired by the Jayant Sinha, the former minister of state for finance. The panel also included GST council Head Sushil Modi and former union ministers Manish Tewari and Sugata Roy.