While the RBI is explicitly opposed to cryptocurrency as a medium of exchange, the government’s position on the subject is unclear. Although the RBI has the authority to regulate virtual currencies, the court stated that in the absence of legislation, the business of dealing in these currencies should be regarded as a legitimate trade covered by Article 19(1)(g) of the Constitution’s fundamental right to carry on any profession, trade, or business. The Reserve Bank of India (RBI) barred all banks from trading in cryptocurrencies in 2018, but this prohibition was lifted by the Supreme Court in response to a petition filed by the Internet and Mobile Association of India (IMAI). The government will come out with a decision sooner than later,” Das had said. We have flagged some major concerns to the government on cryptocurrencies. “Both RBI and the government are committed to financial stability. The RBI Governor, Shaktikanta Das, said at the 7th India Economic Conclave on March 25 that the central bank has raised some big concerns with the government regarding cryptocurrencies. The Reserve Bank of India has already expressed concern about cryptocurrencies. BuyUcoin and other crypto exchanges have seen a surge in consumer interest, and crypto exchanges are aggressively advertising investment opportunities. There are 350 blockchain and cryptocurrency startups.
According to data from cryptocurrency exchanges, around 1.5 crore Indians have invested in cryptocurrencies, with a total value of Rs 15,000 crore. Crypto rushĭespite the fact that the Reserve Bank of India (RBI) and the government are yet to form an opinion on crypto currencies, many Indians have invested in the industry. These are the following Cryptocurrency regulation. While Bitcoin and Ethereum are the most well-known cryptocurrencies, there are thousands of others in circulation. The remark is significant at a time when crypto currencies are becoming increasingly popular among investors.Ĭryptocurrency is a type of digital money that is decentralized and based on blockchain technology. “Unless we have regulations and an official view on this, Crypto is no different from gambling,” said the veteran economist. “Be it as a medium of exchange, mode of investment/ assets, cryptocurrency dealings should be banned in India and should be made as a criminal offense,” said Madan Sabnavis, chief economist of the CARE rating agency. Any kind of crypto transaction should be banned in India before cryptocurrency regulations provide clarification, they said. Experts believe that Indians investing in cryptocurrencies are taking a high-risk bet because the Reserve Bank of India (RBI) and the government have yet to regulate these instruments.
Cryptocurrencies, since they have no underlying asset, are extremely risky for investors.
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