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Cryptocurrency Is Danger To Financial System Says RBI Governor Shaktikanta Das

RBI on Cryptocurrency: RBI Governor Shaktikanta Das has once again...

RBI on Cryptocurrency: RBI Governor Shaktikanta Das has once again warned about cryptocurrencies. RBI Governor has written in RBI’s Financial Stability Report that cryptocurrencies are extremely dangerous for the financial system of the country. He said that while technology has helped bring the financial sector and its benefits to the masses and its benefits should be fully harnessed, its potential to disrupt financial stability must be guarded against. As the financial system becomes increasingly digital, cyber risks are on the rise.

RBI’s stand on cryptocurrencies is different
Let us tell you that this is not the first time when this statement of RBI Governor has come regarding cryptocurrencies. He has given this statement on several occasions in the past as well. On the one hand, RBI is calling crypto dangerous, on the other hand the government has imposed 30 percent tax on earnings from cryptocurrency even if it is not given statutory status. And from July 1, 2022, the provision of TDS on crypto transactions has also come into effect.

Even before the Parliamentary Standing Committee attached to the Ministry of Finance, the RBI has raised the threat of dollarization of a large part of the Indian economy due to cryptocurrencies, which is against 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. Also cryptocurrencies can be used for money laundering, drug trafficking along with terror financing.

tampering with the number of investors
The RBI governor has already said that an attempt is being made to exaggerate the number of investors investing in cryptocurrencies. More and more people are being added to trade in cryptocurrencies.

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