Tuesday, February 7, 2023
HomeBusinessRBI considers cryptocurrencies a big threat, raised demand to ban them again

RBI considers cryptocurrencies a big threat, raised demand to ban them again

Investors have suffered huge losses due to the fall in the crypto market for the last few months. The Reserve Bank of India (RBI) has warned that the next financial crisis will come from private cryptocurrencies. RBI has demanded a ban on cryptocurrencies even once. RBI Governor Shaktikanta Das on Wednesday said that there is no value attached to cryptocurrencies and it is a risk to macroeconomic and financial stability.

Earlier also from RBI crypto There has been a demand to ban it. The retail trial of digital rupee has been started in the country this month. The trial will be held in four major cities – Delhi, Mumbai, Bengaluru and Bhubaneswar. After its completion, it will be decided whether the Central Bank Digital Currency (CBDC) is an efficient means for everyday purchases or not. Banks participating in the trial include State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. This is likely to reduce the cost of transactions. RBI is among the few Central Banks in the world that have started the CBDC project.

There has been a rapid growth in UPI payments after demonetization in the country. Digital rupee can also get the benefit of this. cbdc There is a payment solution based on a blockchain, which is controlled by the Central Bank. It works like cryptocurrencies but unlike cryptocurrencies, CBDCs do not have the volatility and other risks. In this year’s budget, the central government had announced the launch of CBDC from the financial year 2022-23.

The CBDC will be given in a digital wallet for trial in the retail segment. This wallet will be compatible with smartphones and PCs. However, the RBI has not clarified to what extent CBDC transactions will be anonymous. The Income Tax Department has permitted cash transactions without any government proof of identity up to a specified limit. This rule may also apply to CBDC transactions. However, bankers have expressed apprehension about this project. They say that it does not seem to have the same advantages as internet-based banking transactions.

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