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P. Vasudevan, an executive director at the Reserve Bank of India (RBI), stated that cryptocurrencies lack underlying value and therefore cannot be considered as currencies. The RBI has expressed concerns about cryptocurrencies like Bitcoin, citing potential systemic risks to financial systems. The government needs to decide on how to address cryptocurrencies.
Ajay Kumar Choudhary, who was the previous executive director in charge of the fintech department has retired, said a senior banker in the know. Choudhary has been appointed to the board of RBI Innovation Hub, the person added.
The Reserve Bank of India (RBI) on Thursday said it has appointed P Vasudevan as Executive Director (ED) and he will look after three departments, including that of currency management.
"He emphasized on the need for the states to focus on fiscal consolidation, improving quality of expenditure and other issues related to the fiscal health of states such as contingent liabilities/guarantees, etc," the RBI said in a release.
Vasudevan will look after Department of Currency Management, Corporate Strategy and Budget Department (Areas other than that of Budget & Funds) and Enforcement Department.