Friday, January 10, 2025

RBI Governor warns against crypto currencies

There are an estimated 15 million to 20 million crypto investors in India, with total crypto holdings of around$5.34 billion

PRAVASISAMWAD.COM

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.

************************************************************************

Readers

These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.

Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world.  We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.

Please help us to keep our journalism independent and free.

In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.

For more information: pravasisamwad00@gmail.com

Roma Ghosh
Roma Ghosh
Roma Ghosh has recently retired as Associate Professor for Media Studies from an international university. She was with the Times of India as a correspondent for many years. Her passion is cooking and she has been doing recipes and photo shoots for Women's Era for the last 15-odd years.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

EDITOR'S CHOICE