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RBI Governor Shares RBI’s Position: Crypto Should be Banned

RBI Governor Shaktikanta Das compared cryptocurrencies to gambling during the Business Today event on Friday.He reiterated the position of RBI that cryptocurrencies should be...
RBI Governor Shares RBI’s Position: Crypto Should be Banned RBI Governor Shares RBI’s Position: Crypto Should be Banned

  • RBI Governor Shaktikanta Das compared cryptocurrencies to gambling during the Business Today event on Friday.
  • He reiterated the position of RBI that cryptocurrencies should be banned.
  • He talked about the unreliability of crypto, explaining that it cannot be even called an asset.

The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, while addressing the Business Today Banking and Economy Summit on Friday, underscored RBI’s position, reiterating the significance of banning crypto trade. He added that the definition of crypto is “very unclear” and is analogous to “gambling”.

Notably, Das argued that there is no valid reason to acknowledge cryptocurrency as an “asset” or a “financial product”:

Some people call it as an asset, while others call it as a financial product and if that be the case, it has to have some underline. In the case of crypto, there is no underline.

In addition, he pointed out the risky factor that would lead to RBI vastly losing control over the money supply in the economy. He corroborated his ideas by showcasing the fact that “20 percent of transactions are happening through crypto”, which is neither authorized nor regulated by the central bank.

Further, Das expounded on the unreliability of cryptocurrencies, featuring the volatility in price:

The volatility in prices is based on the make-believe concept where a particular crypto’s price can go up or down. So, anything that comes without any underline whose valuations is entirely dependent on make-believe is just 100 percent speculation or it can be bluntly termed as gambling.

Significantly, his words resonated with the bleak future of cryptocurrency, when he cited the example of the fall of the once-prominent crypto trading firm FTX. However, he incorporated the necessity of supporting blockchain technology as it has “so many other applications”, other than crypto trade.

The post RBI Governor Shares RBI’s Position: Crypto Should be Banned appeared first on Coin Edition.

See original on CoinEdition

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07-06-2023 05:16:21 (UTC+7)

EUR/USD

1.0697

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

EUR/USD

1.0697

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

GBP/USD

1.2425

+0.0001 (+0.01%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (1)

USD/JPY

139.56

-0.07 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

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AUD/USD

0.6671

0.0000 (0.00%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

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USD/CAD

1.3401

-0.0002 (-0.01%)

Summary

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EUR/JPY

149.27

-0.05 (-0.03%)

Summary

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EUR/CHF

0.9704

-0.0001 (-0.01%)

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Gold Futures

1,979.65

-0.10 (-0.01%)

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Silver Futures

23.672

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Copper Futures

3.7655

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Crude Oil WTI Futures

71.56

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Brent Oil Futures

76.12

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Natural Gas Futures

2.266

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US Coffee C Futures

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4,295.22

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S&P 500

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FTSE 100

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19,099.28

-9.22 (-0.05%)

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US Small Cap 2000

1,856.34

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IBEX 35

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46.760

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52.28

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Allianz SE VNA O.N.

210.50

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Adidas AG

159.68

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Deutsche Lufthansa AG

9.141

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Siemens AG Class N

158.36

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Deutsche Bank AG

9.784

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Summary

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 EUR/USD1.0697↑ Buy
 GBP/USD1.2425Buy
 USD/JPY139.56↑ Sell
 AUD/USD0.6671Neutral
 USD/CAD1.3401↑ Buy
 EUR/JPY149.27↑ Sell
 EUR/CHF0.9704↑ Sell
 Gold1,979.65↑ Buy
 Silver23.672Buy
 Copper3.7655↑ Sell
 Crude Oil WTI71.56Sell
 Brent Oil76.12Sell
 Natural Gas2.266↑ Buy
 US Coffee C184.08↑ Buy
 Euro Stoxx 504,295.22Sell
 S&P 5004,283.85Buy
 DAX15,992.44↑ Sell
 FTSE 1007,628.10↑ Sell
 Hang Seng19,099.28↑ Buy
 Small Cap 20001,856.34↑ Buy
 IBEX 359,310.80↑ Buy
 BASF46.760↑ Sell
 Bayer52.28↑ Buy
 Allianz210.50Sell
 Adidas159.68Neutral
 Lufthansa9.141↑ Buy
 Siemens AG158.36Neutral
 Deutsche Bank AG9.784Neutral
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SJC Eximbank6,640/ 6,680
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Cập nhật 07-06-2023 05:16:23
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Dầu hỏa 2-K17.77018.120
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EUR24.512,7325.885,30
GBP28.465,8729.679,67
JPY163,63173,22
KRW15,6419,05
Cập nhật lúc 18:50:59 06/06/2023
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