Mumbai, Feb 10: RBI Governor Shaktikanta Das on Thursday made it clear that private cryptocurrencies are a threat to macroeconomic and financial stability, and undermine its ability to deal with challenges on the two fronts.
Cautioning investors, the governor said such assets have no underlying whatsoever, not even a tulip .
The comments are a reiteration of institutional concerns on such assets expressed earlier but assume significance because they come days after the Union Budget put a 30 per cent tax on gains made on such assets.
The crypto stakeholders had welcomed the move as one which legitimises their trade.
Private cryptocurrencies or whatever name you call it are a threat to our macroeconomic stability and financial stability. They will undermine the RBI’s ability to deal with issues of financial stability and macroeconomic stability, Das told reporters.
He added that it is his duty to caution investors, and told them to keep in mind that they are investing at their own risk.
Using a historical context to make a point on the value of such instruments, Das said, They also need to keep in mind that the cryptocurrency has no underlying, not even a tulip .
It can be noted that the ‘tulip mania’ of the 17th century is often cited as a classic example of a financial bubble, where the price of something goes up, not due to intrinsic value but because of speculators wanting to make a profit by selling a bulb of the exotic flower.
Hello, as a newbie to cryptocurrency trading, I lost a lot of money trying to navigate the market on my own, then in my search for a genuine and trusted trader/broker, i came across Trader Bernie Doran who guided and helped me retrieve my lost cryptocurrencies and I made so much profit up to the tune of $60,000. I made my first investment with $2,000 and got a ROI profit of $25,000 in less than 2 week. You can contact this expert trader Mr Bernie Doran via Gmail : [email protected] or whatsApp + 1 424 285 0682 and be ready to share your experience, tell him I referred you
340053 124047Thank you a good deal for sharing this with all people you really recognize what youre speaking about! Bookmarked. Please furthermore speak more than with my internet internet site =). We could have a hyperlink alternate arrangement among us! 966550
As a newbie to cryptocurrency, I lost a lot of money up to $170,000 I would like to express my gratitude to Expert Bernie Doran for their exceptional assistance in recovering my funds from a forex broker. Their expertise and professionalism in navigating the complex process were truly commendable. Through their guidance and relentless efforts, I was able to successfully retrieve my funds of $170,000, providing me with much-needed relief. I highly recommend him on Gmail – Berniedoransignals@ gmail. com , to anyone facing similar challenges, as their dedication and commitment to helping clients are truly impressive. Thank you, Bernie doran, for your invaluable support in resolving this matter.