Cryptocurrency: RBI Governor Warns About Cryptocurrency, Says It Is Harmful For The Economy

Cryptocurrency: RbI Governor has described cryptocurrencies from the viewpoint of financial stability. He said the number of people investing in cryptocurrencies is being hyped and exaggerated.

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Cryptocurrency: The RBI (Reserve Bank Of India) has once again cautioned against cryptocurrency and termed it as a 'cause for concern'.  RBI Governor Shaktikanta Das has said that cryptocurrency is extremely dangerous from the point of view of the country's macroeconomic and financial stability. The RBI governor said he has given his feedback to the government on cryptocurrencies. 

Tampering with the number of investors

According to the RBI Governor, he feels that attempts are being made to exaggerate the number of investors investing in cryptocurrencies. More and more people are being enrolled to trade in cryptocurrencies.  RbI Governor's statement comes during a time when retail investors are witnessing a huge craze over cryptocurrencies. The number of investors trading in cryptocurrency in the country has crossed 10 crores. 

Ongoing discussions within the government

The cryptocurrency craze in the country has been going up ever since the Supreme Court (Supreme Court Of India) lifted the RBI's decision to ban cryptocurrencies. On February 5, 2021, RBI constituted an internal panel to suggest a model of digital currency of the central bank. The Government of India has not yet enacted any law for cryptocurrencies. But the issue is being constantly discussed with stakeholders, officials, and various ministries. 

 

 

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