Shaktikanta Das News

Coinbase has said it is allowing Indian users of its app to buy crypto coins by paying in Indian rupee

The Reserve Bank of India (RBI) has not proposed any mechanism for the trading of crypto assets, Minister of State for Finance Pankaj Chaudhary said in Parliament on March 21.

digital assets is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, according to the co-founder of the country’s most famous crypto startup. “The brain drain is absolutely crazy,” Sandeep Nailwal, whose Polygon operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system, said in an interview from Dubai. India, with an estimated 15 million active crypto users, has been stuck in regulatory limbo since the Supreme Court in 2020 overturned a central bank ban on digital tokens. The government this year unveiled a tax on crypto transactions without formally declaring that it won’t ban trading, a move that became emblematic of the confusion.

Indian crypto-asset exchange platform WazirX witnessed a 30% jump in its daily sign-ups since the country decided to impose a 30% tax on profits from cryptocurrency trading, according to co-founder Nischal Shetty.

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.

Mumbai: Tough talk by senior Reserve Bank of India (RBI) officials on cryptocurrencies is making the Indian crypto community nervous. On Monday, RBI deputy governor T Rabi Sankar called for an outright ban on cryptocurrencies. Previously, RBI governor Shaktikanta Das had said in a monetary policy press conference that private cryptocurrencies were a threat to the macroeconomic and financial stability of the country, and investors should keep risks in mind as such assets have no underlying value whatsoever, «not even a tulip».

Sitharaman on Monday said discussions with regard to private cryptocurrencies and central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. Sitharaman, in her Budget speech on February 1, had announced that Digital Rupee or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming fiscal year. She had also announced the government will levy 30 per cent tax on gains made from any other private digital assets from April 1. «On crypto, I have said that we are in the process of consultation. Whatever decision the government is going to take, will be after the consultation,» she said.

Government and RBI on same page on various issues including cryptocurrency, the finance minister said

In a reply to a query from Chhaya Verma, a Rajya Sabha member from Chhattisgarh, she clarified that if there is a gain from crypto transactions, the government has the right to tax them, but does not necessarily make them legal or illegal. Banning or not banning crypto assets will depend on the inputs given by consultants, Sitharaman said in the upper house of Parliament.

cryptocurrency market was trading lower on Friday, thanks to the sharp selloff in the US markets over inflation concerns and hawkish tone of US Fed. Barring the dollar pegged USD Coin and Avalanche, all eight out of the top-10 digital tokens were trading lower on Friday. Shina Inu, Solana and Terra dropped 6 per cent each. The global crypto market cap dropped more than 3 per cent to $2.01 trillion mark. On the other hand, the total crypto market volume zoomed 50 per cent to $114.22 billion.

crypto community, in reaction to central bank governor Shaktikanta Das' statement that private cryptocurrencies are a big threat to India's financial and macroeconomic stability, has said crypto assets could help unlock the country's innovation, job-creation and economic potential. Also, the exchanges said they praised the stance of the central bank and the government that customer protection is a priority. «The good thing is that the government and regulators have been very consultative in their approach to the industry, and there is broad understanding that customer protection is of utmost importance. It is encouraging to see India thinking progressively about crypto at par with global counterparts like the US, Dubai, and Singapore,» said Ashish Singhal, founder and CEO, CoinSwitch.

Responding to questions posed around Union Budget 2022, particularly around cryptocurrency taxation and legalisation in the Rajya Sabha, FM Nirmala Sitharaman clearly noted that while the "profit emanating from transactions associated to cryptocurrency has been taxed, nothing has been done, at the moment, to legalise, ban or de-legalise it".

crypto assets or virtual digital currencies are a major threat to macroeconomic and financial stability of a country, Reserve Bank of India (RBI) governor Shaktikanta Das said at press conference held on Thursday. I have said that investors are their own judge. But, it is my duty today to tell investors that while betting on cryptos, they should be mindful that they are investing at their own risk. “Cryptocurrencies have no underlying (value), not even a tulip,” Das said at the meeting.

Cryptocurrencies have no underlying value, RBI Governor Shaktikanta Das said.

Cryptocurrency is a threat to India’s macroeconomic stability and investors betting on it are doing it at their own risk, RBI Governor Shaktikanta Das said on February 10 in perhaps his starkest warning on crypto that is gaining popularity in the country.

Shaktikanta Das has time and again flagged issues about the functioning of cryptocurrencies.

The monetary policy committee (MPC) will begin its bi-monthly monetary policy meeting (MPC) on February 8. The three-day meet will end on February 10 when Reserve Bank of India (RBI) Governor Shaktikanta Das will announce the outcome of the policy meet. The MPC meet was scheduled during February 7-9, 2022. But, with February 7 being declared a public holiday by the Government of Maharashtra as a mark of respect to Lata Mangeshkar who passed away on February 6, the MPC meeting was rescheduled to February 8-10, 2022.

India (RBI) has conveyed to its central board that it favours a complete ban on cryptocurrencies, people familiar with deliberations at the central bank's board meeting on Friday told ET. The RBI made a detailed presentation to the board highlighting «serious concerns» relating to macroeconomic and financial stability as well as exchange management, said one person.

Everyone listens to the Reserve Bank of India (RBI) governor—banks, investors and also the government. That’s because the RBI governor is the face of the Central bank and his comments are reflective of its larger thought process. In this context, the current governor Shaktikanta Das’ recent comments, rather warnings, on cryptocurrencies warrant a closer look. At a conference on Tuesday, Das, once again spoke on the issue.

"Im yet to see serious, well-informed discussions on these issues," Shaktikanta Das said.