RBI Governor Shaktikanta Das has once again cautioned about Cryptocurrency and termed it as a cause for concern. RBI Governor has said that cryptocurrencies are extremely dangerous from the point of view of macroeconomic and financial stability of the country.
RBI’s stand regarding cryptocurrencies, this is not the first time when this statement of RBI Governor has come regarding cryptocurrencies. He has given this statement on several occasions in the past as well. On the one hand, RBI is calling crypto dangerous, on the other hand the government seems to be giving it a statutory status by taxing the earnings from cryptocurrency. Whereas the bill to be brought in Parliament regarding cryptocurrency is not known.
Tampering with the number of investors The
RBI governor has already said that an attempt is being made to exaggerate the number of investors investing in cryptocurrencies. More and more people are being added to trade in cryptocurrencies. This statement of RBI Governor has come when there is a tremendous craze among retail investors regarding cryptocurrencies. The number of investors trading in Cryptocurrency in the country has crossed 100 million.
Discussion going on within the government
Ever since the Supreme Court of India overturned the RBI’s decision to ban cryptocurrencies, the craze of cryptocurrencies has increased in the country. On February 5, 2021, the RBI constituted an internal panel to suggest the model of digital currency of the central bank. The Government of India has not yet made any law regarding cryptocurrencies. But this issue is being discussed continuously with the stakeholders, officials and various ministries.
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