Shaktikanta Das RBI Governor Cryptocurrency Realism sheds light on potential crypto frauds and raises awareness.
Crypto is gaining much traction, and its growth has skyrocketed worldwide, except in countries like India. The latter’s growth in the cryptocurrency market was low and has almost dipped. This is because laws levy 30% taxes on your earnings from its trade. Hence, Indians who used crypto abundantly have mostly stopped investing in it!
Shaktikanta Das, RBI Governor Cryptocurrency Realism
The RBI governor shares what he thinks about cryptocurrency. To some extent, he believes that it has more significant risks, and that is not in investment terms solely. Also, he shared some aspects of the Central Bank’s digital currency project.
Besides, the RBI governor also shared his thoughts on the risks involved in cryptocurrency. He stated people should be knowledgeable about the various aspects of crypto. Further, he feels that we cannot neglect its advancements due to blockchain technology.
But due to the unpredictable nature of crypto, being aware is the best. It is speculative due to a lack of assets and liabilities.
Moreover, cryptocurrency serves many benefits to customers. But knowing its policies can save you from getting into big trouble. It doesn’t have any cancellation policy or refund policy due to its decentralized ecosystem.
So, if you mistakenly transfer your funds into the wrong account, you can’t get them back.
Though he shared that the risk of loss is very high in cryptocurrency, we cannot forget that investments come with risks. The most important thing to learn is that these transactions are irreversible. Once the payment is done, it is permanent. Besides this, you can’t forget the benefits like making transactions easy and secure.
RBI governor, also compared to two years ago, there’s now a more realistic understanding of cryptocurrencies. Next, upon discussing the central bank’s digital currency, he is being careful. They don’t want to hurry in the launch as once digital currency is not proven secure and reliable.
Wrapping Up
The Reserve Bank of India is cautious yet progressive towards cryptocurrency and the development of digital currency. They focus more on realism than over-enthusiasm. But they are committed to ensuring the safety and integrity of its digital currency initiative. They are taking their time to address all the challenges and make the final product the best.
Also read: SEC Commissioner Hester Peirce slams regulator’s “unproductive” approach to crypto oversight.