From a macroeconomic and financial stability perspective, the Reserve Bank of India (RBI), the central bank of India, still has “serious concerns” about cryptocurrencies. In addition, Reserve Bank of India Governor Shaktikanta Das stated that he doubts the authenticity of the number of Indian cryptocurrency investors reported in the media.

RBI is seriously concerned about cryptocurrencies, and the governor doubts the authenticity of media reports on the crypto industry

Shaktikanta Das, President of the Reserve Bank of India (RBI), reiterated at this week’s Business Standard BFSI summit that the central bank still has “serious concerns” about cryptocurrencies. The local media quoted him as saying:

From the perspective of macroeconomic and financial stability, cryptocurrency is a serious problem for RBI.

He added that the central bank has “provided the government with detailed advice on cryptocurrency” and the government is now “actively studying this issue and will make a decision on this.” However, the governor of the central bank pointed out, “but as governors of the central bank, we are seriously concerned about this and have issued warnings many times.”

The Reserve Bank of India expresses concerns about cryptocurrencies several times. September, that Say the same: “We are seriously concerned about the financial stability of cryptocurrencies, [and] The same message has been conveyed to the Indian government. “

The Indian government is currently working on encryption regulation. According to reports, a Treasury official recently stated that the government is trying to “Expressway“The cryptocurrency bill to be proposed at the winter meeting of Parliament.

Governor Das also expressed doubts about the number of Indian cryptocurrency investors reported by the media and the size of the Indian crypto industry.

“I am not sure about the authenticity of these figures. Of course, my view may not be completely correct because we cannot obtain complete information about these currencies because they are not regulated by us or any other central bank,” he described. And explain in detail:

But I still think that the number of investors is obviously exaggerated, because most of them, such as more than 70%, each only invested about 1,000 rupees in cryptocurrencies.

Das said that since many people only invest 1,000 rupees ($13.43), this suggests that cryptocurrency exchanges may try to recruit as many people as possible.

According to research firm Crebaco, approximately 105 million Indians have invested in crypto assets. In addition, the company stated that the total investment of Indians in cryptocurrency is about 10 billion U.S. dollars, and 20% of cryptocurrency investors are between 18 and 20 years old.

What do you think of the comments made by the Governor of the Reserve Bank of India? Let us know in the comments section below.

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