The Reserve Bank of India, in its financial stability report released this week, said that cryptocurrencies are important for consumer protection. “direct risk” stated that.
In the report of the Reserve Bank of India, the cryptocurrency sector fraud and price volatility highlighted the risks involved.
“Private cryptocurrencies; poses a direct risk in terms of protecting consumers and combating money laundering and financing of terrorism. Because they are highly speculative, they also pose risks of fraud and excessive price volatility.”
Among the long-term concerns of the Reserve Bank of India regarding cryptocurrencies management of capital flows, financial and macroeconomic stability, applicability of monetary policies and replacing existing currency There are topics such as
The central bank stated that with the global spread of cryptocurrencies, governments and regulatory institutions around the world began to act more sensitively to these risks.
In the winter session of the Indian parliament, which ended on December 22, cryptocurrency bill was expected to be addressed. The content of the bill, “ban all private cryptocurrencies” predicts. Work continues on the bill, which is not on the parliament’s agenda because its details have not been finalized.
The Reserve Bank of India, unlike cryptocurrencies, is a national digital central bank money (CBDC) continues to consider the idea of removal.
Image: New Delhi, Laurentiu Morariu, Unsplash