Do you know India has 15-20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees?
But yes, there are no official data regarding these holdings.
As we know “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” a bill for regulating cryptocurrency is in the works.
What do you think India should prohibit cryptocurrencies or regulate them?
RBI On Cryptocurrency
RBI has advised its central board that it favours a complete ban on cryptocurrencies.
RBI also has often expressed worries about cryptocurrencies creating macroeconomic and financial stability risks.
“When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved,”
Reserve Bank of India governor Shaktikanta Das said at a recent event.
According to the Reserve Bank of India’s (RBI) Financial Stability Report (FSR), noted on December 29, private cryptocurrencies offer urgent concerns to client protection, anti-money laundering (AML), and counter-terrorist financing (CFT).
“They are also prone to frauds and extreme price volatility, given their highly speculative nature. Longer-term concerns relate to capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution,”
The report said.
A Bill For Regulating Cryptocurrency Is In The Works
As we know “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” a bill for regulating cryptocurrency is in the works.
Top sources stated on Wednesday that the government is planning to introduce a bill on cryptocurrency during the current winter session of Parliament.
“All democratic nations must work together to ensure cryptocurrency does not end up in wrong hands, which can spoil our youth”
Prime Minister Narendra Modi said in his first public comment on the subject.
“New illicit financing typologies continue to emerge, including the increasing use of virtual-to-virtual layering schemes that attempt to further muddy transactions in a comparatively easy, cheap and anonymous manner,”
The FSR report noted.
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