There are an estimated 15 million to 20 million crypto investors in India, with total crypto holdings of around$5.34 billion
Reserve Bank of India (RBI) Governor Shaktikanta Das is clearly not too keen about the digital currency craze that is apparently sweeping India.
There are an estimated 15 million to 20 million crypto investors in India, with total crypto holdings of around$5.34 billion. Das recently publicized his views about cryptocurrencies. His views come days after the government set up a taxation regime for cryptocurrencies.
“Private cryptocurrency is a huge threat to macro-economic stability and financial stability…investors should keep this in mind that they are investing at their own risk,” Das said in a news conference following a monetary policy meeting.
Since pivate cryptocurrencies could undermine the RBI’s ability to maintain financial stability, it has now planned to launch its own digital currency sometime next year
“And these cryptocurrencies have no underlying (value) – not even a tulip,” he warned.
He was referring to ‘tulipmania’, the Dutch tulip bulb market bubble in the 1600s that became synonymous with greed.
Since pivate cryptocurrencies could undermine the RBI’s ability to maintain financial stability, it has now planned to launch its own digital currency sometime next year.
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