The government of India has not fully embraced cryptocurrencies, and Central Bank of India Governor Shaktikanta Das has warned Indians against cryptocurrencies. There have been different reactions from different countries to cryptocurrencies, ranging from rejection to acceptance and regulation. The cryptocurrency market has been in a bearish cycle, and bulls have tried on several occasions to take control of the market, but to no avail. Various government agencies have viewed the current state of the market as the reason why the cryptocurrency has not been successful, while others are optimistic.
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Reserve Bank of India (RBI) on Cryptocurrency (H2)
India has millions of crypto holders, and during a fiscal budget speech in February, Finance Minister Nirmala Sitharaman announced hefty taxes on cryptocurrency transactions and a move by the Indian government to impose tougher regulations on crypto assets. The finance minister also said in April that crypto regulations will not be rushed and that the government is working with the International Monetary Fund and the World Bank on crypto regulations.
In February, India’s central bank governor, Shaktikanta Das, criticized cryptocurrencies, stating that they do not have a store of value and can lead to financial instability. He also mentioned that investors invest in cryptocurrencies at their own risk and cited the Dutch tulip market bubble in the 17th century which could lead to the dollarization of the Indian economy.
In an interview with CNBC TV18 on Monday, the governor of India’s central bank once again warned that cryptocurrency has no intrinsic value. During the interview, he discussed the regulation of cryptocurrency in India and mentioned the current crypto bear market and the Terra network crash that included the collapse of Luna and stablecoin UST. He stated, “We have been wary of cryptocurrencies and looking at what happened to the crypto market now. If we were really regulating it, people would have raised questions about what happened to the regulations.” With the current stance of the Indian government regarding cryptocurrency regulations, what is the impact on the global cryptocurrency market?
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