Indian Officials Issue Cautionary Warning Against Cryptocurrency Trading.
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Indian Officials Issue Cautionary Warning Against Cryptocurrency Trading.
2022-02-11 | Mike Hallen
India's central bank governor issued a stern caution against cryptocurrency trading, claiming they had a dearth of the fundamental value of even a tulip - an allusion to a 17th-century massive bubble that captivated the Netherlands.
Shaktikanta Das, Governor of the Reserve Bank of India, delivered a scathing appraisal of the digital currency mania only days following the Indian government developed a cryptocurrency taxation structure.
Supporters who had worried that New Delhi would outright prohibit digital coins saw the implementation of a fee as a signal of government approval, notwithstanding the nation's central bank's strong misgivings.
The Dutch tulip bulb market bubble in the 1600s, popularly known as "tulipmania," had become a fable of avarice.
After warning that private cryptos might jeopardize the RBI's capacity to preserve monetary sustainability, the central bank intends to establish its own digital currency in the upcoming year.
In India, there are an anticipated 15 million to 20 million cryptocurrency investors, with overall cryptocurrency holdings of roughly 400 billion Indian rupees ($5.34 billion).
There is no definitive statistics on the extent of the Indian cryptocurrency industry.
