RBI on Cryptocurrency: The Governor of RBI has once again made a big statement regarding cryptocurrency. RBI’s Financial Stability Report states that cryptocurrencies are extremely dangerous. RBI has presented its stand before the Finance Ministry committee.
RBI on Cryptocurrency: There is big news for those investing in cryptocurrencies. RBI Governor Shaktikanta Das has once again warned about cryptocurrencies. In fact, RBI Governor Shaktikanta Das has told in the RBI’s Financial Stability Report that cryptocurrencies are very dangerous for the financial system of the country.
The RBI governor has said that technology has brought great benefits to the financial sector and its benefits should also be harnessed. But its potential to disrupt financial stability must be guarded against. As the financial system is becoming increasingly digital, the cyber threat is also increasing.
What does RBI say on cryptocurrencies?
This statement of the RBI Governor has come up many times in the past regarding cryptocurrencies. He has made a statement on several occasions in the past that cryptocurrency is dangerous for the country. RBI is also calling crypto dangerous and the government has imposed 30 percent tax on the earnings from cryptocurrency. But this country has not got statutory status. Not only this, the provision of TDS on crypto transactions has also come into effect from July 1, 2022.
Said this to the Finance Ministry
In front of the Parliamentary Standing Committee attached to the Ministry of Finance, RBI has also told about the damage caused by cryptocurrencies. RBI says that due to cryptocurrencies, a large part of the Indian economy is at risk of dollarisation. RBI officials have clearly said in front of the parliamentary committee regarding cryptocurrency that it can replace the rupee in cross border transactions with domestic.
False information being given on cryptocurrencies
The RBI governor has already told that the number of investors investing in cryptocurrencies is being overstated. In this, more and more people are being added to trade. RBI says that cryptocurrencies can be used for money laundering, drug trafficking along with terror financing.