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Why is India’s central bank wary of cryptocurrencies?

The RBI has termed cryptocurrencies as a speculative asset and warned that they pose a danger to India in the long run

Credit: PTI

"Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name,” the Reserve Bank of India (RBI) Governor Shaktikanta Das wrote in the foreword to RBI’s Financial Stability Report published biannually. “Technological advances powered by cryptography and distributed ledger technology (DLT) have led to the rise of new digital assets such as crypto assets and stablecoins, which generally have no underlying assets and are primarily used for speculative investments,” read the report. Why it matters: Several countries across the world are looking to regualte crypto and studying the risks posed by the assets.   India is currently in the middle of drafting its crypto law for which deliberations are underway by the Ministry of Finance. The central bank is a key regulatory body whose inputs are valued by…

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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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