New Delhi: Reserve Bank of India Governor Shaktikanta Das stated that private cryptocurrencies pose a significant threat to the country's macroeconomic and financial stability.
During a press briefing, He said, "I've previously stated the RBI's position. Our stance is unmistakable. India's macroeconomic and financial stability are both threatened by private cryptocurrency "Governor Das stated on Thursday.
He says that the RBI's policy measures on bitcoin or cryptocurrencies with currency-like characteristics will jeopardise the bank's ability to cope with financial and macroeconomic stability challenges. "It is my responsibility to remind investors who invest in cryptocurrencies that they are doing it at their own risk." The Governor stated, "These cryptocurrencies have no fundamental value."
The RBI further stated that the Digital Rupee will function similarly to the paper rupee, with the exception that the form will be electronic or digital. "Digital rupee will be kept in the gadget in the same way as paper rupee is kept in your wallet. There isn't any distinction between the two. The sole distinction between Digital Rupee and bitcoin is that the Digital Rupee would be issued by the Reserve Bank of India (RBI). This, like the rupee note, will be included in the obligation. During the virtual meeting, RBI deputy governor T Rabi Sankar stated, "Cryptocurrencies are privately developed products."