Nirmala Sitharaman: RBI Recommends Ban on Crypto

Gujarat News, Gujarati News, Latest Gujarati News, Gujarat Breaking News, Gujarat Samachar.

Latest Gujarati News, Breaking News in Gujarati, Gujarat Samachar, ગુજરાતી સમાચાર, Gujarati News Live, Gujarati News Channel, Gujarati News Today, National Gujarati News, International Gujarati News, Sports Gujarati News, Exclusive Gujarati News, Coronavirus Gujarati News, Entertainment Gujarati News, Business Gujarati News, Technology Gujarati News, Automobile Gujarati News, Elections 2022 Gujarati News, Viral Social News in Gujarati, Indian Politics News in Gujarati, Gujarati News Headlines, World News In Gujarati, Cricket News In Gujarati

Nirmala Sitharaman: RBI Recommends Ban on Crypto

| Updated: July 18, 2022 14:38

On Monday, Union Finance Minister Nirmala Sitharaman told the Lok Sabha that the Reserve Bank of India supports the prohibition of cryptocurrencies. She was responding to an unstarred question from VCK MP Thol Thirumaavalavan, who wanted to know if the RBI had expressed concern about the negative impact of cryptocurrency on the Indian economy. He also asked Sitharaman to clarify whether it had recommended enacting appropriate legislation to regulate the flow of cryptocurrency in India, as well as the Centre’s position on the matter.

Nirmala Sitharaman emphasised, “The Reserve Bank of India has expressed concern about the negative impact of cryptocurrency on the Indian economy. Because every modern currency must be issued by the Central Bank / Government, the RBI stated that cryptocurrencies are not a currency. Furthermore, the value of fiat currencies is anchored by monetary policy and their legal tender status, whereas the value of cryptocurrencies is solely based on speculation and expectations of high returns, which are not well anchored, and thus have a destabilising effect on a country’s monetary and fiscal stability.”

Your email address will not be published. Required fields are marked *

%d