RBI Chief Says Global Interest Rates Influence India Through Real Rate Channel

India has maintained a cautious approach towards cryptocurrencies while promoting the underlying technologies such as distributed ledger technology and tokenisation, RBI Governor Sanjay Malhotra said at the Kautilya Economic Conclave. Malhotra said India supports innovation in technologies underlying crypto assets, including distributed ledger and tokenisation, but remains cautious about cryptocurrencies due to concerns over monetary sovereignty, monetary policy and capital flows. Malhotra said the RBI's monetary policy primarily focuses on domestic growth-inflation dynamics. But global interest rates also have implications for India, including through their impact on real interest rates in the country.