The Central Bank of India called foreign cryptocurrencies a “major threat” for your financial stability.
“Regarding cryptocurrencies, the position of the Reserve Bank of India (RBI) is clear: private cryptocurrencies are a great threat to the financial and macroeconomic stability of the country,” the governor said at a press conference. of the institution, Shaktikanta Das.
The official’s statement comes after the Government of India announced a 30 percent tax on the handling of cryptocurrencies such as bitcoin and ether, as well as the creation of a cryptocurrency issued under government control, and whose value will depend on the rupee, the currency Hindu official.
da said that the Indian cryptocurrency will seek to avoid any risk of counterfeiting and cybersecurity risks. This electronic currency will be based on blockchain technology, and its launch is expected to occur in early 2023.
“The introduction of the central bank’s digital currency will give a strong boost to the digital economy, and will also allow for a more efficient and cheaper monetary management system,” said Economy Minister Nirmala Sitharaman.
The creation of a cryptocurrency controlled by the central bank of India seeks to take advantage of one of the fastest growing cryptocurrency markets.
According to the research company Chainanalysis, in 2021 the Indian cryptocurrency market had a growth of 650 percent.
This exponential rise in cryptocurrency transactions, from buying and selling to mining, occurred after the Supreme Court of India ended a two-year ban, established by the Central Bank in 2018.
In fact, in 2019 the Government of Prime Minister Narendra Modi promoted a bill that punished the possession, use or mining of cryptocurrencies with penalties of up to 10 years in prison.