RBI Tells Parliament: No Legal Tender Status for Crypto


RBI's first-ever direct testimony before Parliament's Standing Committee on Finance (July 2): no legal tender status "at this stage."
🔹 Cited risks to financial stability, monetary sovereignty, money laundering
🔹 Pushed "containment" over regulation, warned formal rules could create false safety for retail
🔹 Own CBDC (e-Rupee) admitted underperforming: 150M+ txns, ~₹34,000 cr value, but only 10M users vs UPI's 300M+ daily
🔹 ICAI took opposite view, backed a full legal framework for VDAs
🔹 No change for traders: 30% tax + 1% TDS stay as-is
Next: DEA meeting July 15, report expected in monsoon session. Consultation, not law but RBI's stance signals more delay ahead.
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