Cryptoemotion Cryptocurrency Today News

  • Home
  • News
  • Guide
  • How to
  • Important
    • Disclaimer
    • Contact Us
    • Privacy Policy
    • About Us
You are here: Home / News / RBI Considers Cryptocurrency as a Big Threat to Financial System

RBI Considers Cryptocurrency as a Big Threat to Financial System

Author: SHUBHAM SINGHCategory: News, Crypto NewsTime: 7 Minute

The Reserve Bank of India (RBI) termed cryptocurrency as a 'clear threat' and said that if the value of something is made only on the basis of an asset, then it is only betting with a good name. The central government is preparing a consultation paper on cryptocurrency. For this, inputs have been taken from various stakeholders and institutions. The crypto market has been declining for the last few months and this has caused a big loss to the investors.

RBI has also expressed apprehensions about cryptocurrency. RBI Governor Shaktikanta Das said in the Financial Stability Report (FSR) that with the more digitalized financial system, the cyber risk is also increasing and it needs to be noted. He said, "Cryptocurrency is a clear danger". If the value of anything is only on faith without the basis of an asset, then it is betting."

The decline in cryptocurrency has weakened the financial condition of many firms in this segment and has to take measures like trimming to reduce their cost.

The Reserve Bank of India (RBI) termed cryptocurrency as a 'clear threat' and said that if the value of something is made only on the basis of an asset, then it is only betting with a good name. The central government is preparing a consultation paper on cryptocurrency. For this, inputs have been taken from various stakeholders and institutions

The RBI issued a circular about four years ago about cryptocurrency and prohibited the dealing in such instruments on the entities under its regulations. However, about two years ago, the Supreme Court rejected this circular of RBI.

The regulatory status regarding cryptocurrency in the country is not clear. Inputs are also being taken from the World Bank and International Monetary Fund (IMF) for the consultation paper being prepared by the government on the cryptocurrency.

In FSR, Das has also said that technology has increased the reach of the financial sector and should take full advantage of it, but at the same time there is a need to pay attention to the risk of weakening financial stability.

Regarding the economy, Das said that global developments and geopolitical stresses are affecting it. The country's financial system is strong to face these tremors. Das said, "Our effort is to face external and internal challenges with strength and innovative solutions."

An important feature of this situation is that due to the strength of the country's financial system, the economy will be good and opportunities will increase for this. It is showing good governance and better risk management.

Read Also

  • Samsung will Start Trial Production of the Bitcoin Mining Chip
  • Binance Deal with Football Superstar Cristiano Ronaldo
  • Solana To Launch Crypto Phone In 2023 In Collaboration with Ossome
  • Meta is going to test NFTs in Instagram Stories with SparkAR soon
  • Initial Game Offers are Increasing in Web3
  • British Government Changed the Law related to Private Crypto Wallets
Share
  • Facebook
  • Twitter
  • Pin It
  • Email
  • LinkedIn
  • WhatsApp
« Previous Top 5 Best Crypto Hardware Wallets 2022
Next » Samsung will Start Trial Production of the Bitcoin Mining Chip

Author : SHUBHAM SINGH

Hello Friends i am Shubham Kumar Singh. I am very passionate about cryptocurrency, gaming and study. In this website i am trying to give you latest updates related to Cryptocurrency , Metaverse etc.

Reader Interactions

Add a comment Cancel reply

Related Posts

  • Brazil Set a Separate Unit to Investigate Crypto Scams
    Brazil Set a Separate Unit to Investigate Crypto Scams: Scammer Alert
  • Vulcan Forged
    Hackers Attack on Vulcan Forged Game, Crypto Assets Worth 140 Million Stolen
  • Samsung will Start Trial Production of the Bitcoin Mining Chip
    Samsung will Start Trial Production of the Bitcoin Mining Chip

Primary Sidebar

Categories

  • crypto accessories
  • Crypto News
  • Guide
  • How to
  • Metaverse News
  • News
  • NFT
  • Nft News
  • Review

Select Your Interest

Crypto News Guides
Metaverse News Metaverse
How to How to
Review Review

Footer

About Crypto Emotion

Crypto emotion is all about Cryptocurrency and Metaverse. We provide all latest crypto news , crypto Live price update and things related to Cryptocurrency.

Subscribe To Newsletter

Join Our Newsletter To Get Latest News about crypto

Follow Us On Social Media

 

RSS Cryptoemotion

  • Meta’s New VR Headset Will Track Your Eyes For Advertisements
© Copyright 2022 |GMJ Themes About Us Contact Us Privacy Policy Disclaimer SiteMap Top ↑