Shaktikanta Das News

Major cryptocurrencies traded in the green early on January 3 as the global crypto market cap rose 1.25 per cent to $805.12 billion, over the last day. The total crypto market volume over the last 24 hours is $23.72 billion, which makes a 36.27 percent increase.

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.

Cryptocurrency markets worldwide have been battered with billions of dollars being wiped out but India managed to stay relatively unscathed thanks to a cautious approach of the government and the RBI.

Reserve Bank of India (RBI) said that the central bank will launch its digital currency as a pilot project this year. Addressing the India Ideas Summit, Sankar said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments. Though, it reiterated that RBI aims to give viable alternatives and not going for a cashless society. Finance Minister Nirmala Sitharaman had announced the launch of CBDC during her union budget speech, which was tabled earlier this year. Pratik Gauri, Co-founder & CEO, 5ire said that as cautious as the government has been about both VAs and digital currency, it is a novel step to be taken by a central bank.

Barring Avalanche and Polkadot, which posted mild gains, all other top crypto tokens were trading lower on Wednesday. Solana dropped 3 per cent, whereas Dogecoin and Polygon shed 2 per cent each. The global cryptocurrency market cap was trading marginally lower at $1.02 trillion mark, dropping less than a per cent in the last 24 hours. However, the total trading volume also remained stable, close to $70.56 billion.What's cooking in IndiaRBI Governor Shaktikanta Das has lashed out at crypto assets once again. In an interview with ET Now, Das reiterated his concerns over the crypto assets.

RBI Governor Shaktikanta Das has lashed out at crypto assets once again. In an interview with ET Now, Das reiterated his concerns over the crypto assets. The RBI chief said, "cryptos may lead to dollarization of the developing countries like India as the prices of crypto tokens are mostly denominated in dollars." He said that this will create serious financial instability in the country. The RBI governor also added that cryptos pose a serious risk for small investors who are prone to lose their money. «This may favour me if I am sitting in the other part of the world, but not here,» he said. «This will work in the favour of an advanced economy,» he added.

The Board-supervised banks should take prior to engaging in crypto-asset-related activities

Nirmala Sitharaman said that cryptocurrencies could be banned or prohibited only after significant international collaboration on the risks, benefits, evolution of common taxonomy and standards. Sitharaman's statement on cryptocurrencies or Virtual Currencies (VCs) in Parliament was in response to a five-pointer question by Thirumavalavan, a member of Parliament from Tamil Nadu's Chidambaram. The questions were about the Reserve

cryptocurrency — an explicit prohibition — the Indian government wants a global collaboration if such a ban or prohibition has to be put into effect. Addressing queries pertaining to cryptocurrencies in the Lok Sabha today, finance minister Nirmala Sitharaman said, “Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” The RBI has time and again pointed out the problems with digital assets questioning their underlying fundamentals and use cases. The RBI governor Shaktikanta Das has gone on the record to even call it a “real danger” in the annual report of the central bank.

Despite discouraging economic indicators, bitcoin was holding above $20,000. Fresh concerns over the regulatory environment although kept sentiments in check. Barring BNB and Unus Sed Leo, which gained up to 6 per cent, all other major crypto tokens were trading in the red on Friday. Bitcoin and Ethereum gave up to 3 per cent each. Polkadot, XRP and Dogecoin plunged up to 4 per cent each.

Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as «clear danger» and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset. In the foreword to the 25th issue of the Financial Stability Report (FSR) released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention.

Cryptocurrencies clear danger, says RBI Governor

Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as ”clear danger” and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name.

Cryptocurrencies traded in the red early on June 11. The global crypto market cap stood at $1.19 trillion, down 2.91 percent from Friday. The total crypto market volume over the last 24 hours increased 11.34 percent to $67.62 billion.

RBI will await Government's consultation paper on cryptocurrencies

RBI will await Government's consultation paper on cryptocurrencies

Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system.

Officials from the Reserve Bank of India (RBI) have reportedly sounded the alarm bells again over crypto adoption which they claim will ultimately lead to the “dollarization” of the local economy.

Cryptocurrencies can lead to "dollarisation" of a part of the economy which would be against India's sovereign interest, top officials of the RBI have told a parliamentary panel, according to sources.

Cryptos can lead to "dollarisation" of economy: RBI officials to parliamentary panel

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