Financial Stability Of Cryptocurrency- A matter of concern

Shaktikanta Das (Governor of Reserve Bank Of India) was of saying that Central Bank was having serious thoughts concerning financial stability of cryptocurrencies. After attending some event on September 8, RBI chief added that he was having some serious worries concerning financial stability of cryptocurrency and had discussed the same with the government as well.
Now it’s the government’s cup of tea to take this matter to its top priority or general concern, as it’s not the first time when RBI Governor has showed its concern. To this,Das is also of saying that contribution of cryptocurrency to the economy should be more clear. Das has showed his concern not only in the event on September 9 but also on June 4. Where he had clearly mentioned that his worries are not only forwarded to the government but also a warning for advice to the investors, but Central Bank does not provide any investment advice.

Investors Decision

Central Bank leaves decision to investors to carefully take each step before planning to invest in cryptocurrency. As investor is himself responsible for his investments, whether to gain or loose.

Government’s Role

Government’s role in concern with cryptocurrency is crucial and important as it is in its advanced stage, according to Das; so as to impose a national regulation on private cryptocurrencies.
The Finance Minister on August 16 had effectively said that union cabinet would very early take decision on taking up bill for regulating cryptocurrency and its growing rate in market. In addition to this he also mentioned that cabinet note is ready as well.

RBI’s Plan

RBI is planning to bring out central bank’s digital currency and there is possibility that some decision might Enroute by the end of the year for the same; as per to the news received by the officials of Central Bank.

Sitharaman’s Say

According to Sitharaman’s information to Rajya Sabha, government is not interested in counting the numbers of investors and cryptocurrency exchanges in India and according to her information; there was no news on money laundering from some of these exchanges.

Data received from Crypto Exchanges

As per to such data, around 1.5 crore Indians were involved with their investments in cryptocurrencies of worth around 15,000 crore, followed by many more individuals initiating with their investments. When discussed about blockchains, there were around 350 startup’s operating blockchain.

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