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RBI Governor Shaktikanta Das does not believe the hype around cryptocurrency in India

With the RBI hesitating to back cryptocurrency, will the job of regulating the crypto market in India find any takers?

The Reserve Bank of India (RBI) Governor Shaktikanta Das believes that the number of Indian investors exposed to cryptocurrency may be “exaggerated”, as per an interaction at the Business Standard BFSI Insight Summit. He said that a bulk of investors (nearly 70 percent or more) have a portfolio of only Rs 3,000.  Das was referring to claims of 10 crore Indians with investments worth Rs 6 lakh crore locked in the crypto market. “I am not sure of the numbers being claimed and it seems like there is an effort to enrol as many investors as possible,” Das informed the interviewer.  The RBI Governor also said that the central bank has “serious concerns” about cryptocurrencies and the bank has conveyed these concerns to the Union government. These concerns are regarding issues of macro economics and financial stability. “We have given our…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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