Cryptocurrency: In America, where influential people like Donald Trump and Elon Musk remain supporters of Cryptocurrency. Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das has cautioned the world about the possible dangers of cryptocurrency. In a recent event organized in America, he said that cryptocurrencies can pose serious risks to global financial and monetary stability. Let us know what warning Shaktikanta Das has given on cryptocurrency.
RBI Governor's warning: Cryptocurrency may increase economic risks
The RBI Governor clarified on Friday that cryptocurrencies (Cryptocurrency) not only poses a threat to financial stability, but it can also weaken the Central Bank's control over the economy. He believes that things like cryptocurrency should not be allowed to dominate the financial system, as it can affect the stability of the banking system and currency. He said that the role of the Central Bank in controlling inflation could also be in danger due to this type of system.
Need for international understanding (Cryptocurrency)
Emphasizing the need for coordination on the issue at the international level, Das said that the cross-border impact of cryptocurrency increases its dangers. He said that central banks and governments need to be aware of this so that the possible risks can be understood.
Concerns of Central Banks (Cryptocurrency)
According to the RBI Governor, the nature of cryptocurrency is such that it can make monetary policies ineffective and weaken the control capacity of central banks. He also said that various central banks globally are concerned about this problem and are seeing it as a serious challenge.
The RBI Governor said that to maintain monetary stability, risks of cryptocurrencies should not be encouraged, as it could have a negative impact on the global economy.
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