City Sankar Financial News

Major cryptocurrencies traded in the red early on December 10 as the global crypto market cap decreased 0.65 percent to $854.00 billion, over the last day. The total crypto market volume over the last 24 hours is $34.13 billion, which makes a 9.32 percent decrease.

Initiatives to gather data on crypto need to be undertaken quickly before any regulations are formed so that "wrong set of prescriptions" are not issued, a top Indian central banker has said.

Transactions via central bank digital currencies (CBDCs) would remain anonymous "to a certain degree", a top official at the Reserve Bank of India (RBI) said on Wednesday, adding that technology and legal provisions can be explored to ensure that anonymity.

Cryptocurrencies traded in the red early on June 12. The global crypto market cap is $1.13 trillion, a 5.09 percent decrease over the last day. The total crypto market volume over the last 24 hours is $71.55 billion, which makes a 6.14 percent increase.

Anantha Nageswaran on Thursday said cryptocurrencies are akin to 'a world of Caribbean pirates' in the absence of a centralised regulatory authority and is yet to pass the test of a fiat currency. He said that the government is pursuing a 'high-wire balancing act' to ensure that the gains in growth, inflation, rupee stability of the last four years are not frittered away. He said the recent development in Terra-Luna cryptocurrency, which witnessed a massive meltdown last month, is a 'very important cautionary tale'.

crypto currencies are yet to pass the test to become fiat currency and the lack of regulation it is akin to a world of Caribbean pirates underlining necessary caution in regard to some of these fintech based disruption. «The more decentralised they become and the absence of a watchdog or a centralised regulatory authority also means that there is a world of Caribbean pirates or a world of 'winner takes it all' in terms of being able to really take it all from somebody else. Also, the recent developments with respect to Luna, Terra are definitely very important cautionary tales that we need to keep in mind,» he said. «I would be somewhat guarded in my welcome of some of these fintech-based disruptions like DeFI or decentralised finance and crypto etc,» Nageswaran said at an Assocham event.

Chief economic adviser has said cryptocurrencies are yet pass muster as fiat currency

Chief economic adviser has said cryptocurrencies are yet pass muster as fiat currency

In discussion with the International Monetary Fund (IMF), T Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), reflected an anti-crypto stance as he spoke about India’s potential to disrupt the crypto and blockchain ecosystem. 

All major tokens were trading higher on Friday. Bitcoin posted decent gains, whereas Ethereum was marginally up. Solana, Cardano, Tron and Avalanche zoomed 4 per cent each. XRP and Polkadot gained 3 per cent each. The global cryptocurrency market cap was trading higher at the $1.26 trillion mark, rising about 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged about 29 per cent to $69.04 billion.

consultation paper on cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Thursday said the soon-to-be-introduced central bank digital currencies (CBDCs) can «kill» whatever little case that exists for private virtual currencies like Bitcoin. Sankar also attacked 'stable coins' which are pegged to a particular currency. The RBI has been vehemently opposed to cryptocurrencies like Bitcoin, saying there is no underlying value for such instruments which are essentially speculative in nature. It has gone public with the same, even as the government has yet to make its stance clear. Earlier this week, the Department of Economic Affairs in the Ministry of Finance had said it will soon be coming out with a paper on such private cryptocurrencies.

RBI has been vehemently opposed to cryptocurrencies like Bitcoin.

Major cryptocurrencies traded in the green early on June 3 as the global crypto market cap increased 2.01 percent to $1.26 trillion over the last day. Total crypto market volume over the last 24 hours decreased 28.45 percent to $69.74 billion.

Crypto regulation will take time, "can't be rushed through": Sitharaman

Crypto regulation will take time, "can't be rushed through": Sitharaman

Barring the US dollar-pegged stablecoin, USD Coin, all other major crypto were up during early hours. Solana and Avalanche rallied 7 per cent each, whereas Dogecoin and BNB advanced 4 per cent each. The global cryptocurrency market cap dwindled to $2.02 trillion mark, advancing more than 2 per cent in the last 24 hours. However, total cryptocurrency trading volume dropped sharply as much as 32 per cent to $82.83 billion.

Condensed matter theory physicist and quantum information expert Sankar Das Sarma has argued in MIT Technology Review that quantum computers remain a very long way away from cracking RSA-based cryptography.

CBDC) to be rolled out this year, the Finance Minister Nirmala Sitharaman said. In the union budget 2022, tabled on February 1, Sitharaman had announced that India will launch its own CBDC, backed by the Reserve Bank of India. While speaking at the India Global Forum 2022 in Bengaluru, Sitharaman said, «The government had a lot of consultation with the RBI over the digital currency. We expect the currency to come out from the apex banker this year itself.»

In a little more than a year, discussions on central bank digital currencies (CBDCs) have moved from the fringe to the mainstream. In India, legal enablers for a digital currency have been put in place via the Finance Bill, 2022. All eyes are now on the Reserve Bank of India.

Reserve Bank of India (RBI) has been a stringent critic of crypto assets, reiterating its tough stand on the new age asset class. Deputy governor T Rabi Sankar called for an outright ban on private cryptocurrencies at the IBA Banking Technology Awards. He claimed the notorious early 20th century Ponzi schemes were better than investing cryptos. Prior to this, RBI governor Shaktikanta Das said that private cryptos are a serious threat to macroeconomic and financial stability, and investors should keep risks in mind as such assets have no underlying value whatsoever, 'not even a tulip'.

New Delhi: The crypto market continued to move higher as signs of ease in the conflict between Russia and Ukraine boosted the confidence of investors. Barring the dollar-pegged USD Coin, all other top digital tokens were trading with higher in early trade on Wednesday. Avalanche rose 11 per cent each, followed by a 4 per cent rise in Ethereum and BNB each.