'Yet to make a final decision on digital currency regimes'

Days after Reserve Bank of India (RBI) governor Shaktikanta Das expressed concern over the risk posed by cryptocurrencies to emerging market economies such as India, the Union government on Friday told the Supreme Court that the issue of digital currency is an "evolving one" and that the Centre is still to make a final decision on a proposed legal regime to regulate its transactions and provide for investigations.

- Utkarsh Anand

NEW DELHI:  The court clarified that it is concerned only about the misuse of cryptocurrencies, adding that it will be "very dangerous" if people were to create their own currencies and start transacting in the absence of a legal regime.

"We only want you to ensure safeguards as far as misuse is concerned. We are not experts in impressing upon you on wh kind of currencies you should have or regulate... At the same time, it can be very dangerous if anyone can create any kind of currency and start transacting in it," said a bench of justices Surya Kant and KV Viswanathan, giving Centre four weeks to revert.