Cryptocurrencies Are A Clear Danger: RBI Governor Shaktikanta Das

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The report also estimated that the market value of crypto assets grew tenfold between early 2020 and late 2021, peaking at close to $3 Tn.

Highlighting other issues, the report said the growth of cryptocurrencies can circumvent restrictions on exchange rates and capital controls, adding that it can limit the effectiveness of domestic monetary policy transmission.

The central bank also said that cryptocurrencies can result in ‘dollarisation’ of the economy and impair financial stability.

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Author / Journalist: Chetan Thathoo

Category: Startups

Topics: B2G News

Source Website Secure: Yes (HTTPS)

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Published On: 2022-06-30, 16:09:19

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Language: English

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