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India apex bank raises more concern over cryptocurrency

India

TL;DR Breakdown

  • India RBI governor, Das  raises concern over crypto. Says investors should be cautious.
  • Crypto continues to thrive in the Asian country amidst regulatory uncertainty.

Governor of the Reserve Bank of India, Shaktikanta Das, has again raised concern over cryptocurrency. He cautioned investors on the potential pitfalls of the digital currency on Wednesday.

Speaking further, the India bank governor said cryptocurrencies are a very serious concern from a macroeconomic and financial stability point of view. However, his comments are no surprise as he is well known for making such statements and has raised similar concerns in the past.

The governor’s comments come when more Indians embrace cryptocurrencies, and retail investors continue to flock to digital assets. Also, the prices of crypto coins are booming at the time Das chooses to bash them.

Despite uncertain crypto regulatory space, the country has become one of the fastest crypto adopters in the world, with billions being invested in the crypto market. Crypto companies and exchanges have also won big this bull season as many of them raised millions while the likes of CoinDCX and CoinSwtich Kuber attained Unicorn status in the Asian country.

Beyond these firms, others have survived past years with several Indian crypto projects making it big in the market.

Crypto in India now

The crypto space in the country remains tense with a lot of uncertainty after Supreme Court overturned the RBI’s order, which effectively lifted the ban on cryptocurrency trading in India. Since then, more and more Indians have flocked around Bitcoin.

The government has not yet enacted a law on cryptocurrencies until now. It is still in consultation with industry experts, comments from various officials, and ministers. After several rounds of caution, the government might largely want to set severe limits on the trading of cryptocurrencies in the interest of the public.

Indian finance minister Nirmala Sitharaman has hinted that the crypto bill is ready to get discussed in the parliament. However, the bill has not been tabled due to the shortage of time during the covid crisis. Now another parliament session scheduled for the 15th of this month could offer some clarity of steps that the government is planning to regulate the nascent market.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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