RBI on Cryptocurrency: RBI Governor Shaktikanta Das has again warned against cryptocurrency. The RBI Governor has written in the RBI Financial Stability Report that cryptocurrencies are extremely dangerous to the financial system of the country. He said while technology has helped bring the financial sector and its benefits to the masses and its benefits must be fully exploited, its potential to disrupt financial stability must be avoided. As the financial system becomes increasingly digital, cyber risks increase.
Let us tell you differently, RBI’s stance regarding cryptocurrencies, this is not the first time this statement from the Governor of RBI has been made regarding cryptocurrencies. He has also made this statement several times in the past. On the one hand, RBI calls crypto dangerous, on the other hand, the government has imposed a 30% tax on cryptocurrency income even though it has no legal status. And from July 1, 2022, the provision of TDS on crypto transactions also came into effect.
Even before the Parliamentary Standing Committee attached to the Ministry of Finance, RBI raised the threat of dollarization of a large part of the Indian economy because of cryptocurrencies, which is contrary to the interests of the sovereignty of India. Before the parliamentary committee on cryptocurrencies, RBI officials said that it can replace the rupee in cross-border transactions with domestic transactions. Cryptocurrencies can also be used for money laundering, drug trafficking, and terrorist financing.
Manipulate the number of investors
The RBI governor has previously said that an attempt is underway to exaggerate the number of investors investing in cryptocurrencies. More and more people are added to trade cryptocurrencies.