Shri Shakti Kant Das, the current Governor of the Reserve Bank of India (RBI) on Wednesday spoke about the threat posed by cryptocurrencies and bitcoin and responded to the same where he states that it is detrimental to our macroeconomic growth and financial stability. Present as a great threat and at the same time acting to promote the risk. Shaktikanta who is the governor of RBI claims that we should not promote crypto currency and RBI bank is mainly concerned about crypto currency which has no underlying and also insists that it is just a There is speculation and the place of speculation is in a restricted form. The Governor makes it clear that it is foolish to work just to try and play betting and that it becomes necessary for us to ban it because we certainly do not want to do much with it.
Das further says that Indian officials describe any non-governmental crypto currency like bitcoin and ether as private cryptocurrency and comment on crypto trading that it is 100% a speculative activity and he is of the view That it is necessary to be banned and if it should be promoted then it should definitely be regulated so that it does not create danger and in any way ask for others and people’s investment is not stolen and if you let it escape Please mark my words and hear that the next financial crisis may come in the form of a private cryptocurrency in ways we can’t even imagine.
Das makes it clear that CBDCs can accelerate international money transfers and consider printing notes to reduce the need for receipts Earlier this month, it was claimed by RBI Deputy Governor Ravi Shankar that India’s Anything a central bank can do to digital currencies can do to cryptocurrencies and certainly the central bank of India has the strength to serve cryptocurrencies better than it should. Meanwhile, India is preparing to launch its Central Bank Digital Currency (CBDC) and the RBI has recently launched digital pilots both wholesale and retail which have been launched in 9 cities and are estimated to Digital transactions to be promoted from natural sites.
Apart from this, the Indian government is also working on the country’s crypto policy and earlier this week, the government provided an update on the cryptocurrency bill in India’s lower house, the Lok Sabha, discussed in the winter session of the parliament last year. Had to be and it was included in that theme. Meanwhile, the current Finance Minister of India Nirmala Sitharaman also shares that she is also working to create a technological framework for crypto assets and for this she will definitely discuss this regulation with G-20 countries and Last month, he and US Treasury Secretary Janet Yellen discussed regulation during the ninth India-US Economic and Financial Partnership and Alliance meeting. Surely he understands that in this way we can build a huge crypto exchange and RBI is against crypto currency and vice versa and according to him it is not right at all from a development point of view and RBI is clearly against crypto currency. Criticizes and makes a clear demand to ban it. Even the governor of RBI is seen appealing to all the countries considering crypto currency as the reason for the downfall of the financial industry that they should stop all activities related to crypto in their country or they should be subjected to a strict regulation. It should be presented together so that it does not ruin the investment and the speculative game that has started can be stopped and many things which have gone wrong due to this can be started properly and smoothly. Certainly it has been said by the RBI governor that crypto currency or such as bitcoin and ether are clearly private and have no relation to any kind of law and order to provide returns to such people. In this, the loss or damage is on their own and that is why it is necessary to ban them so that it does not ruin the investment of the people and also people do not spend their time on it, which becomes a major cause of loss for them. will come. The RBI governor who is categorically against bitcoin crypto currency criticises it.
Certainly this is not the first time that RBI is criticising cryptocurrencies as it has done this many times and each time it has been said that bitcoin and crypto currency are definitely harmful to the economy and they have no advantages. Not worth it and according to RBI it can never establish a regulatory status in India because according to RBI it is contrary to all currency regulatory regime and which leads to decline of industry at large and which is at present As per the circumstances being written it seems that definitely what RBI says is right in this matter as it is seeing the harmful effects of bitcoin among the people right now which people are struggling with and the entire country is currently in recession. is entering the industry which is definitely a very scary topic and that is why RBI is giving instructions to be careful in the use of digital currency and in view of all these efforts, we can maintain that the concern of RBI in this manner is seen in all legitimate ways and it would be appropriate to say here that in the midst of current events and upheavals, everyone is worried about this. Concerned about how the industry will be run or how the industry will move now and in which direction the direction of the industry will be shown now and here we can conclude that the effect of this step taken by RBI is certain. As this statement is of great importance which is given by the governor and his statement is likely to affect the global economy in a big way.
