Greater amount of realism in cryptocurrency market, says RBI Governor
RBI) Governor Shaktikanta Das shed light on the evolving landscape of cryptocurrency and the progress of the central bank's digital currency initiative.
Das reiterated the RBI's stance on cryptocurrency, emphasizing the risks and dangers associated with it. While acknowledging the technological advancements, particularly the blockchain technology underlying cryptocurrencies, Das emphasized the speculative nature of these assets. He highlighted the lack of underlying assets and corresponding liabilities, branding cryptocurrency as a speculative product.
The governor stressed the importance of distinguishing between blockchain technology, which has various applications including the central bank's digital currency project, and speculative cryptocurrency trading. He noted the growing awareness among individuals, both in India and internationally, regarding the risks involved in cryptocurrency investments.
Meanwhile, talking about his previous characterization of cryptos as a dangerous product, Das remarked, «If you compare with where we were two years ago when there was a kind of exuberance building up, I think today there is a greater amount of realism.»
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or
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