RBI Governor Shaktikanta Das raised serious questions on cryptocurrency
The Reserve Bank of India has expressed concern about cryptocurrency. The RBI governor said that cryptocurrency could affect the financial stability of Asia’s third-largest economy.
- February 24, 2021, 2:37 PM IST
Ban was imposed in 2018
According to the money control news, the central government had banned banks and financial institutions from doing business in cryptocurrency in the year 2018, but the Supreme Court has removed this ban last year. Explain that while hearing a petition filed by the exchanges on cryptocurrency, a directive was issued to remove the ban on the removal of crypt currency.
Also read: Prime Minister said this on completion of two years of Pm Kisan scheme, farmers will be benefitedFurther in the interview, the RBI governor said that we are still thinking about whether there is a need to release a digital version of the rupee in the country. Let me tell you that digital currency has become very popular in the last few years. Apart from this, many countries have also issued their digital currency.
In which countries are cryptocurrencies being used as digital assets?
Ecuador, China, Singapore, Venezuela, Tunisia and Senegal have issued their own cryptocurrencies. Whereas, countries like Estonia, Japan, Palestine, Russia and Sweden are exploring options to launch their own digital assets.
Iran has amended its cryptocurrency law so that its central bank can use cryptocurrency to pay imports. Turkey is going to issue digital notes very soon. Regulators in Thailand have given legitimacy to 13 types of digital cryptocurrencies for business in the country.
Also read: Gold Price Today: If you are planning to buy gold, then buy it quickly, know how cheap it is!
What is cryptocurrency?
Cryptocurrency is a generic name for all types of virtual currencies. A unit of cryptocurrency is a highly complex digital code. This code cannot be copied. Like common currency, cryptocurrency is also used as an exchange medium. It is designed for digital assets. Let us also tell you that by Wednesday morning, bitcoin has reached a record level. Actually, electric car company Tesla announced two days ago that it will invest $ 1.5 billion in digital currency bitcoin. After this, the price of bitcoin has risen sharply.