By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Latest World News UpdateLatest World News UpdateLatest World News Update
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Legal Talk
Reading: Citing lack of stability, RBI cautions retail investors against investing in cryptocurrencies – World News Network
Share
Notification Show More
Font ResizerAa
Latest World News UpdateLatest World News Update
Font ResizerAa
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Legal Talk
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Latest World News Update > Blog > Business > Citing lack of stability, RBI cautions retail investors against investing in cryptocurrencies – World News Network
Business

Citing lack of stability, RBI cautions retail investors against investing in cryptocurrencies – World News Network

worldnewsnetwork
Last updated: May 22, 2024 12:00 am
worldnewsnetwork 1 year ago
Share
SHARE

New Delhi [India], May 22 (ANI): RBI yet again urged retail investors to be more cautious while investing in cryptocurrencies, and noted that the crypto ecosystem lacks accountability and stability and is marked by regulatory ambiguity.
RBI, in its monthly bulletin released Tuesday, asserted that their findings suggest that the interest in cryptocurrencies is driven by speculative motive rather than a means of payment for real economic transactions.
The RBI findings are in accordance with a survey by UK FCA that majority of investors (38 per cent) investing in cryptoassets taking it as a ‘gamble to make or lose money’.
“Some cryptos may be backed by underlying; however, if the underlying itself is another unstable digital asset with no transparency and central bank back up, the crypto system is prone to crisis without safeguards,” the RBI bulletin noted.
The bulletin quoted the RBI governor Shaktikanta Das, wherein he had once said ‘the term cryptocurrency, private cryptocurrency is a fashionable way of describing what is otherwise 100 per cent speculative activity.’
The recent collapse of FTX and Binance exposed the limitations of the country specific rules/bans and grave risks they entail.
“As DeFi (Decentralised Finance) continues to evolve and mature, and its interaction with the traditional financial system grows, its utility against risks demands further analysis,” RBI said.
In early May, governor Shaktikanta Das had said that Central Bank Digital Currency (CBDC) or digital currency, can drive financial inclusion and provide a much safer alternative to potentially dangerous private digital currencies.
Private digital currencies, commonly known as cryptocurrency, are currently unregulated in India.
The Indian government does not register crypto exchanges and it maintains crypto assets, which, by definition, are borderless and require “international collaboration.”
India backs CBDC, with its unique technology, and believes it has transformative potential. Das asserts three key features of CBDCs– anonymity, ease of usage, and finality of settlements.
The digital currency was launched in India on a pilot basis, both in the wholesale and retail categories, in November-December 2022.
Among key learnings so far from the CBDC pilot, Das had said it has similar denominations to that of hard currency, which makes it easier for users to relate to CBDCs as a digital form of cash. It also offers a similar degree of anonymity to that of hard cash. (ANI)

Contents
WORLD MEDIA NETWORKPRESS RELEASE DISTRIBUTIONPress releases distribution in 166 countriesPress releases in all languagesPress releases in Indian LanguagesIndia PackagesEurope PackagesAsia PackagesMiddle East & Africa PackagesSouth America PackagesUSA & Canada PackagesOceania PackagesCis Countries PackagesWorld Packages

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

sponsored by

WORLD MEDIA NETWORK


PRESS RELEASE DISTRIBUTION

Press releases distribution in 166 countries

EUROPE UK, INDIA, MIDDLE EAST, AFRICA, FRANCE, NETHERLANDS, BELGIUM, ITALY, SPAIN, GERMANY, AUSTRIA, SWITZERLAND, SOUTHEAST ASIA, JAPAN, SOUTH KOREA, GREATER CHINA, VIETNAM, THAILAND, INDONESIA, MALAYSIA, SOUTH AMERICA, RUSSIA, CIS COUNTRIES, AUSTRALIA, NEW ZEALAND AND MORE

Press releases in all languages

ENGLISH, GERMAN, DUTCH, FRENCH, PORTUGUESE, ARABIC, JAPANESE, and KOREAN CHINESE, VIETNAMESE, INDONESIAN, THAI, MALAY, RUSSIAN. ITALIAN, SPANISH AND AFRICAN LANGUAGES

Press releases in Indian Languages

HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages

Email - support@worldmedianetwork.uk
Website - worldmedianetwork.uk

India Packages

Read More

Europe Packages

Read More

Asia Packages

Read More

Middle East & Africa Packages

Read More

South America Packages

Read More

USA & Canada Packages

Read More

Oceania Packages

Read More

Cis Countries Packages

Read More

World Packages

Read More
sponsored by

You Might Also Like

Techno India Group & Sahaj Retail Ltd launch ‘Techno-Sahaj Blue Collar Jobs’ to Empower Rural & Semi-Urban India with Skill-Based Employment Opportunities – World News Network

Max India Limited’s Rights Issue: 1.45 Times Oversubscription Signals Strong Investor Confidence – World News Network

SEPC Limited FY25 EBITDA Zooms 37 % Up – World News Network

SEPC Limited FY25 EBITDA Zooms 37 % Up – World News Network

Basilic Fly Studio Reports 324% Surge in Consolidated Revenue in H2 FY25 and 88.5% increase in PAT – World News Network

Share This Article
Facebook Twitter Email Print
Previous Article Asserting its strategic choice, China backs Russia to the hilt – World News Network
Next Article “BJP showing their true colours…”: TMC’s Abhishek Banerjee on Calcutta HC’s order scrapping OBC certificates – World News Network
Leave a comment

Leave a Reply Cancel reply

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

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow
- Advertisement -

Latest News

Karnataka government bans smokeless tobacco products to protect ‘public health’ on World No Tobacco Day – World News Network
National 23 hours ago
Delhi HC rejects Lalu Prasad Yadav’s plea to halt ‘Land-for-Jobs’ scam trial court proceedings – World News Network
National 23 hours ago
“Don’t make excuses like shortage of teachers…”: Karnataka CM directs officials to expedite work in education sector – World News Network
National 23 hours ago
Delhi High Court affirms Military Code over religious exemptions – World News Network
National 23 hours ago

Sports

“Would have loved to score more fifties…”: MI’s Rohit after match-winning 81 against GT in eliminator – World News Network
Sports
Siliguri Strikers retain marquee player Akash Deep ahead of Bengal Pro T20 League season 2 – World News Network
Sports

Popular Category

  • Business
  • Entertainment
  • Health
  • National
  • Videos
  • Gujarati

Popular Category

  • Hindi
  • Lifestyle
  • Marathi
  • National
  • Science
  • Sports
  • Tech
  • World

Entertainment

“It’s a historic day…,” says Anupam Kher as he joins Delhi govt’s 100-day celebration – World News Network
Entertainment
Case filed against Malayalam actor Unni Mukundan over alleged assault on former manager – World News Network
Entertainment
Copyright © 2023 World News Network. All Rights Reserved.
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?