RBI governor Shaktikanta Das sounds alarm on potential pitfalls of cryptocurrencies
The total value of all cryptocurrency assets has just exceeded $3 trillion, keeping the crypto market elevated among Indian investors, especially the retail ones.
In cryptocurrencies, Bitcoin and Ether prices today declined after surging to record highs on Tuesday as both the virtual tokens currencies pulled back from their highs. Both have more than doubled since June and added nearly 70% against the dollar since the start of October.
After Supreme Court overturned the RBI’s order, which effectively lifted the ban on cryptocurrency trading in India, the craze in India has grown at a furious rate.
The Union government has not yet enacted a law on cryptocurrencies is in consultation with industry experts and comments from various officials and ministers.
After the caution, the government might largely want to set severe limits on the trading of cryptocurrencies in India in the larger public interest.
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