Don’t create ‘fear psychosis’ on privacy concerns, says Das

| | Mumbai
  • 0

Don’t create ‘fear psychosis’ on privacy concerns, says Das

Thursday, 08 December 2022 | PTI | Mumbai

Asserting that the newly-introduced central bank digital currency does not leave any trail with a bank, RBI Governor Shaktikanta Das on Wednesday said there is no need to create a “fear psychosis” in the minds of people over privacy concerns.

The pilot on the wholesale central bank digital currency (CBDC) has been very satisfactory, and the RBI is keen to pick up learnings from the ongoing pilot for the retail CBDC and implement them, Das told reporters at the post-policy press meet here.

 Answering a query on possible raids by agencies like the Enforcement Directorate in the future because the CBDC does not possess the anonymity which the paper currency offers, Das said one must not be worried over privacy concerns.

 “Let’s be clear, when you pay in currency notes to another person...Here also incidentally, let me say, you cannot find out because the information is not available to the bank. The bank does not know,” Das said.

 “It (CBDC) goes from my mobile to somebody else’s mobile. So why should we create this fear psychosis?,” he asked. “The Income Tax department has certain limits for cash payments... (for) withdrawals beyond a certain limit, you have to give your PAN card number. The same rules will apply in the case of CBDC also because both are currency,” he noted. Many experts, including former RBI governor D Subbarao, have flagged concerns over the privacy aspect of CBDC.

Sunday Edition

The city of flowers now an epicenter of violence

05 February 2023 | Riaz Khan and Munir Ahmed | Agenda

Pakistan reaches out to Taliban supremo

05 February 2023 | IANS | Agenda

Educative import of Saraswati

05 February 2023 | Bharat Bhushan Padmadeo | Agenda

Budget ensures economy’s fundamentals remain solid

05 February 2023 | Sambhrant Krishna | Agenda

Budget ignores 90% of India’s population

05 February 2023 | Deepak Balutia | Agenda

NIP cancer IN THE BUD

05 February 2023 | HEALTH PIONEER | Agenda