Sunday, December 4, 2022

Cryptocurrency: Investors’ future in the dark? The RBI is banning Crypto!

Bright Times News: What are the bans on cryptocurrencies? The country’s apex banking body, the Reserve Bank of India, or RBI, has advised Finance Minister Nirmala Sitharaman to ban cryptocurrencies altogether.

Answering a question from MP Thirumavalavan, Finance Minister Nirmala Sitharaman said that the RBI has asked the government to issue proper regulations or guidelines regarding cryptocurrencies. Now let’s see what action the government takes.

However, is the central government’s disagreement with the country’s highest banking organization Reserve Bank of India (RBI) about cryptocurrency? In the past, the Reserve Bank led by Governor Shaktikanta Das has strengthened its position on cryptocurrencies several times.

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The RBI has stated at various times that they are not very optimistic about cryptocurrencies they have also warned consumers at the Center and the country about crypto-related risks. Investing in cryptocurrencies is entirely at the customer’s own risk, they said.

However, is cryptocurrency banned in the country? There is a possibility Cryptocurrency is an investment medium that cannot be controlled by borders or geographical boundaries. Total control of a country’s financial system is not possible over cryptocurrency. As a result, risk increases.

As crypto investment continues to grow by leaps and bounds across the globe, so does cryptocurrency-related crime. The amount of crypto hacking has increased. Millions of citizens are facing bankruptcy all over the world due to hacking.

But will the Center ban crypto outright? The number of cryptocurrency investors in the country is several crores. Keeping these investors in mind — this year’s Union Budget first introduced a tax on income from cryptocurrencies. Later, taxes are levied on cryptocurrency transactions.

There was an attempt by the Center to steer the matter towards proper regulation. Not that the effort isn’t there yet. Despite RBI’s advice, the Center has said it wants to take some time with cryptocurrencies. They want to take a position on crypto together with various international countries.

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Vishnu Soni
Vishnu Soni
I am working in NewsMarkets24 Network for the last several years, I learn a lot of things here like News editing ,News writing and how to manage my team to maintain our goals. My job does not only give me experience but also helps to shape my person for success. it gives me a chance to improve my skills and knowledge
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