RBI Governor Shaktikanta Das has again warned about cryptocurrencies on Wednesday. He said that cryptocurrencies have created serious concern for the RBI. Das said that as a regulator, serious concerns have arisen in front of the RBI regarding cryptocurrencies. Cryptocurrencies raise concerns, both in terms of microeconomic balance and financial position.
Das said, the number of investors in cryptocurrencies is being exaggerated
Das said that the number of investors in cryptocurrencies is being exaggerated. Although the volume is definitely increasing. There are a large number of investors who have invested 1000 or 2000 rupees in cryptocurrencies. Das told the Business Standard BFSI summit that the RBI has submitted a detailed report on cryptocurrencies to the government. The government is actively considering cryptocurrencies. However, Das declined to comment when asked whether RBI would regulate it when it comes to regulation on the crypto industry.
Cryptocurrency awareness: India surpasses Australia, Germany in awareness on cryptocurrency, included in top 10 countries
RBI’s concern increased, but the craze for cryptocurrencies also increased
Earlier in May this year, Das had said that the way cryptocurrencies are being traded in the market is of great concern to the central bank. RBI’s digital currency is one thing and cryptocurrency another. Both the government and the RBI are committed to financial stability. We have spoken to the government regarding concerns regarding these cryptocurrencies.
Das said that the RBI is working on a digital version of a fiat currency. At the same time, he is also assessing the impact of bringing digital currency on financial stability. However, despite the concerns raised by the government and the central bank, the craze for crypto is increasing among people and the pace of investment in these assets has accelerated. Due to the increasing investment in cryptocurrencies around the world, its market cap has crossed $3 trillion. CoinDCX became a unicorn in August as investment in cryptocurrencies increased. Similarly, in October CoinSwitch became the kuber unicorn.
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