Advertisement
AD

Main navigation

Advertisement

India's Central Bank Governor Has Serious Concerns About Cryptocurrencies

Advertisement
Wed, 10/11/2021 - 14:27
A
A
A
India's Central Bank Governor Has Serious Concerns About Cryptocurrencies
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Shaktikanta Das, governor of the Reserve Bank of India (RBI), said that he was concerned about the impact of cryptocurrencies on the country's financial stability at the Business Standard BFSI Insight Summit earlier today, The Economic Times reports.

Advertisement

The central banker added that he had shared his worries with the government.

In addition, Das stated that the number of participants in India's cryptocurrency industry is likely inflated:

With a reasonable amount of confidence, I think the number of participants claimed in the crypto market is somewhat exaggerated.

Das was reappointed as the RBI governor last month for three more years.

Related

Advertisement

Grappling with crypto regulations

Earlier this week, it was reported that the parliament would vote on cryptocurrency regulations at the beginning of the upcoming winter session.

According to government sources cited by local media outlets, the plan to impose a blanket ban on cryptocurrencies has been scrapped since it would hurt a large number of investors. However, India will not go to the other extreme by adopting crypto as legal tender.

The modified bill will reportedly try to strike a fine balance between policing the industry and supporting innovation:

A balance has to be found … A middle path that balances the concerns of all stakeholders is more likely.

The infamous draft bill that proposes prohibiting all cryptocurrencies was presented back in June 2019.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailboxSubscribe
TopCryptoNewsinYourMailboxSubscribe
Advertisement
Advertisement
Subscribe to daily newsletter

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD