Addressing a Banking conclave organized by the State Bank Of India (SBI) RBI governor Mr. ShaktiKanta Das on Tuesday said that cryptocurrencies pose a serious threat to the macro-economic and financial stability of the country. Mr. Das reiterated his concern on cryptocurrencies saying that deeper issues are involved with them.
What are the deeper issues RBI thinks?
RBI governor said ” When the RBI, after the due internal deliberation, say that there is a serious concern on macro-economic and financial stability, there are deeper issues which need much deeper discussion and much more well-informed discussions”
Mr. Das doubted the current trading account numbers in cryptocurrencies and said the investors are being lured to open accounts by offering credit.
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As per Mr.Das, RBI has received a large number of feedbacks that credit and lucrative incentives have been provided to open a crypto trading account. And about 70 to 80 percent of such accounts have an account balance of 500, 1000, 2000 rupee only.
He also added that trading and transaction in the crypto market is increasing day by day and touching new height every day and the number of accounts is exaggerated.
Governor Das’s statement comes within a few days of the Prime minister’s meeting on the future of cryptocurrencies aid worries of the misleading claim of huge return on cryptocurrencies.
Unregulated cryptocurrencies are one of the deeper issues of concern for RBI with respect to the economy of India.