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RBI Governor Shares RBI’s Position: Crypto Should be Banned

RBI Governor Shaktikanta Das compared cryptocurrencies to gambling during the Business Today event on Friday.He reiterated the position of RBI that cryptocurrencies should be...
RBI Governor Shares RBI’s Position: Crypto Should be Banned RBI Governor Shares RBI’s Position: Crypto Should be Banned

  • RBI Governor Shaktikanta Das compared cryptocurrencies to gambling during the Business Today event on Friday.
  • He reiterated the position of RBI that cryptocurrencies should be banned.
  • He talked about the unreliability of crypto, explaining that it cannot be even called an asset.

The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, while addressing the Business Today Banking and Economy Summit on Friday, underscored RBI’s position, reiterating the significance of banning crypto trade. He added that the definition of crypto is “very unclear” and is analogous to “gambling”.

Notably, Das argued that there is no valid reason to acknowledge cryptocurrency as an “asset” or a “financial product”:

Some people call it as an asset, while others call it as a financial product and if that be the case, it has to have some underline. In the case of crypto, there is no underline.

In addition, he pointed out the risky factor that would lead to RBI vastly losing control over the money supply in the economy. He corroborated his ideas by showcasing the fact that “20 percent of transactions are happening through crypto”, which is neither authorized nor regulated by the central bank.

Further, Das expounded on the unreliability of cryptocurrencies, featuring the volatility in price:

The volatility in prices is based on the make-believe concept where a particular crypto’s price can go up or down. So, anything that comes without any underline whose valuations is entirely dependent on make-believe is just 100 percent speculation or it can be bluntly termed as gambling.

Significantly, his words resonated with the bleak future of cryptocurrency, when he cited the example of the fall of the once-prominent crypto trading firm FTX. However, he incorporated the necessity of supporting blockchain technology as it has “so many other applications”, other than crypto trade.

The post RBI Governor Shares RBI’s Position: Crypto Should be Banned appeared first on Coin Edition.

See original on CoinEdition

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27-02-2024 16:15:38 (UTC+7)

EUR/USD

1.0856

+0.0009 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (7)

EUR/USD

1.0856

+0.0009 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (7)

GBP/USD

1.2689

+0.0007 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

USD/JPY

150.18

-0.51 (-0.34%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (2)

AUD/USD

0.6553

+0.0013 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (3)

USD/CAD

1.3494

-0.0013 (-0.09%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (3)

EUR/JPY

163.05

-0.48 (-0.29%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

EUR/CHF

0.9546

-0.0003 (-0.04%)

Summary

↑ Buy

Moving Avg:

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Sell (4)

Indicators:

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Sell (1)

Gold Futures

2,046.55

+7.65 (+0.38%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

Indicators:

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Sell (9)

Silver Futures

22.880

+0.145 (+0.64%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

Indicators:

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Sell (8)

Copper Futures

3.8582

+0.0237 (+0.62%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Sell (0)

Crude Oil WTI Futures

77.44

-0.14 (-0.18%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Brent Oil Futures

81.48

-0.19 (-0.23%)

Summary

↑ Sell

Moving Avg:

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Natural Gas Futures

1.752

+0.008 (+0.46%)

Summary

↑ Buy

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US Coffee C Futures

180.48

+0.38 (+0.21%)

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↑ Buy

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Euro Stoxx 50

4,870.95

+6.66 (+0.14%)

Summary

Buy

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Indicators:

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S&P 500

5,069.53

-19.27 (-0.38%)

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↑ Sell

Moving Avg:

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Indicators:

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DAX

17,475.95

+52.72 (+0.30%)

Summary

Neutral

Moving Avg:

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Indicators:

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FTSE 100

7,684.01

-0.29 (0.00%)

Summary

↑ Sell

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Hang Seng

16,790.80

+156.06 (+0.94%)

Summary

Neutral

Moving Avg:

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Indicators:

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US Small Cap 2000

2,028.97

+12.28 (+0.61%)

Summary

↑ Sell

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IBEX 35

10,099.30

-39.10 (-0.39%)

Summary

Sell

Moving Avg:

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Sell (11)

Indicators:

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Sell (2)

BASF SE NA O.N.

46.755

+0.425 (+0.92%)

Summary

↑ Buy

Moving Avg:

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Bayer AG NA

28.82

+0.23 (+0.80%)

Summary

↑ Buy

Moving Avg:

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Allianz SE VNA O.N.

245.80

+0.15 (+0.06%)

Summary

↑ Buy

Moving Avg:

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Adidas AG

188.35

+0.15 (+0.08%)

Summary

Sell

Moving Avg:

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Deutsche Lufthansa AG

7.258

+0.021 (+0.29%)

Summary

↑ Buy

Moving Avg:

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Siemens AG Class N

175.65

+0.75 (+0.43%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Deutsche Bank AG

12.203

-0.099 (-0.80%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (10)

 EUR/USD1.0856↑ Sell
 GBP/USD1.2689↑ Sell
 USD/JPY150.18Neutral
 AUD/USD0.6553Neutral
 USD/CAD1.3494Buy
 EUR/JPY163.05↑ Sell
 EUR/CHF0.9546↑ Buy
 Gold2,046.55↑ Sell
 Silver22.880↑ Sell
 Copper3.8582↑ Buy
 Crude Oil WTI77.44↑ Sell
 Brent Oil81.48↑ Sell
 Natural Gas1.752↑ Buy
 US Coffee C180.48↑ Buy
 Euro Stoxx 504,870.95Buy
 S&P 5005,069.53↑ Sell
 DAX17,475.95Neutral
 FTSE 1007,684.01↑ Sell
 Hang Seng16,790.80Neutral
 Small Cap 20002,028.97↑ Sell
 IBEX 3510,099.30Sell
 BASF46.755↑ Buy
 Bayer28.82↑ Buy
 Allianz245.80↑ Buy
 Adidas188.35Sell
 Lufthansa7.258↑ Buy
 Siemens AG175.65↑ Buy
 Deutsche Bank AG12.203↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,700/ 7,850
(-20/ -20) # 1,763
SJC HCM7,690/ 7,890
(10/ -10) # 1,804
SJC Hanoi7,690/ 7,892
(10/ -10) # 1,806
SJC Danang7,690/ 7,892
(10/ -10) # 1,806
SJC Nhatrang7,690/ 7,892
(10/ -10) # 1,806
SJC Cantho7,690/ 7,892
(10/ -10) # 1,806
Cập nhật 27-02-2024 16:15:40
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ↀ Giá vàng thế giới
$2,037.65+6.260.31%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V24.10024.580
RON 95-III23.59024.060
E5 RON 92-II22.47022.910
DO 0.05S20.91021.320
DO 0,001S-V21.90022.330
Dầu hỏa 2-K20.92021.330
ↂ Giá dầu thô thế giới
WTI$46.01+35.8177.83%
Brent$47.36+40.9186.38%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.430,0024.800,00
EUR26.045,5127.474,97
GBP30.442,0231.737,55
JPY158,89168,18
KRW16,0119,40
Cập nhật lúc 16:14:50 27/02/2024
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