Indian Central Bank RBI Reiterates ‘Serious Concerns’ Over Crypto – Governor Doubts About Indian Crypto Investor Reports – Bitcoin Regulation News

[ad_1]

India’s central bank, the Reserve Bank of India (RBI), still has “serious concerns” about the cryptocurrency from a macroeconomic and financial stability perspective. Further, RBI Governor Shaktikanta Das says he doubts the veracity of the number of Indian crypto investors reported by the media.

RBI Has Serious Crypto Concerns, Governor Doubts About Veracity Of Crypto Industry Media Reports

Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated that the central bank still had “serious concerns” about cryptocurrencies at Business Standard’s BFSI summit this week. He was quoted by local media as saying:

Cryptocurrencies are a serious concern for RBI from a macroeconomic and financial stability perspective.

He added that the central bank had “given our detailed suggestions” regarding the cryptocurrency to the government, which “is now actively considering the matter and will decide.” However, the central bank governor noted: “But as a central banker, we have serious concerns about this and we have reported it on several occasions.”

The RBI has repeatedly expressed concerns about the cryptocurrency. In September, Das also said, “We have serious major concerns about cryptocurrency when it comes to financial stability, [and] conveyed the same to the government of India.

The Indian government is currently working on the regulation of crypto. There are reports that a finance ministry official recently said the government was trying to “speed up” a cryptocurrency bill that will be introduced in the winter session of parliament.

Governor Das also questioned the number of Indian crypto investors and the size of the crypto industry in India reported by the media.

“I am not sure of the veracity of these figures. Of course, my point of view may not be entirely correct as we do not get complete information about these currencies as they are not regulated by us or any other central bank, ”he said. – he describes by specifying:

But I still think the number of investors clearly seems exaggerated because most of them, say over 70%, have only invested around 1000 rupees each in cryptocurrencies.

Das said that since many people only invest 1,000 rupees ($ 13.43), this suggests that there might be an effort in crypto exchanges to sign up as many people as possible.

According to research firm Crebaco, around 105 million Indians have invested in crypto assets. In addition, the company said that the total crypto investments made by Indians are around $ 10 billion and that 20% of crypto investors are between 18 and 20 years old.

What do you think of the RBI governor’s comments? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

[ad_2]