Cryptocurrency big threat for financial stability: Shaktikanta Das

Mumbai: Cryptocurrency is privately created and it is a very big threat to the country’s macroeconomic and financial stability, RBI Governor Shaktikanta Das said on Thursday. Replying to a question, Das said, “Cryptocurrency or currency which have currency like character, they will undermine the RBI ability to deal with issues of financial stability.” RBI Governor […]

Mumbai: Cryptocurrency is privately created and it is a very big threat to the country’s macroeconomic and financial stability, RBI Governor Shaktikanta Das said on Thursday.

Replying to a question, Das said, “Cryptocurrency or currency which have currency like character, they will undermine the RBI ability to deal with issues of financial stability.”

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RBI Governor cautioned investors who are putting their money in cryptocurrency. Das said that RBI has always cautioned people who are investing in cryptocurrency.

Das said, “I have earlier told that those investors who are investing in cryptocurrency should keep in mind that they are doing it at their own risk.” “They should also keep in mind that cryptocurrency doesn’t have any underlying, not even a Tulip,” he added.

Without giving any timeline for launching the digital rupee, Governor said RBI Digital Rupee will be launched in the year 2022-23. We can’t predict a timeline for its release yet. There will be no difference between Digital Rupee and the normal rupee.

Elaborating on the digital rupee, T Rabi Sankar, RBI Deputy Governor, said, “digital rupee is exactly like a normal paper rupee. It will be one to one convertible, but the form of digital rupee will be digital or electronic.”

“Digital rupee will be same like you keep rupee in your pocket or purse, you can keep digital rupee at you device like mobile. Digital rupee or normal paper rupee will have no difference and will be issued by RBI. Banknote or rupee note has a liability of RBI, cryptocurrency is a privately created currency,” he said.

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