The timing of the rate cut is slightly tricky to determine but is unlikely to be anytime before the August policy and more tilted towards the October policy. But whenever the cutting cycle starts, it is unlikely to be deep.
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RBI Governor Shaktikanta Das on Friday made it clear that the central bank s view on cryptocurrencies like Bitcoin remains unchanged and it continues to have major concerns on the volatile instruments. There is no change in RBI s position (on cryptocurrencies). Our circular clarifies the position very well, Das told reporters in the customary post-policy press conference, when asked if there has been a change in its view.
The RBI had first come out with a circular on the issue in 2018, cautioning people about investing in cryptocurrencies, which do not have any sovereign character.
It had barred entities regulated by it from dealing in such instruments. However, the Supreme Court in early 2020 struck down the circular.