Crypto Exchanges Claims It Can Assist Unlocking India's Economic Potential

In response to central bank governor Shaktikanta Das’s statement that private cryptocurrencies pose a significant threat to India’s financial and macroeconomic stability, the Indian crypto community has stated that crypto assets could help the country unlock its innovation and job creation and economic potential.

The exchanges also expressed their appreciation for the central bank’s and government’s commitment to client protection.

“The good news is that the government and authorities have taken a consultative approach to the business, and there is widespread agreement that customer protection is paramount. It’s encouraging to see India think about crypto in the same way that countries like the United States, Dubai, and Singapore do “CoinSwitch’s founder and CEO, Ashish Singhal, stated.

Following the monetary policy review on Thursday, RBI governor Shaktikanta Das told the press that private crypto-currencies posed a threat to the country’s macroeconomic and financial stability and that investors should be aware of the risks because such assets have no underlying value – “not even a tulip.”

T Rabi Sankar, the RBI’s Deputy Governor, noted at the same news conference that the Indian CBDC will be just like a normal, physical rupee but will be digital in nature and one-to-one convertible.

“The government has made it plain that it aims to ring-fence the money by creating a central bank digital currency. It does this by explicitly distinguishing between currency and cryptocurrency. We also wholeheartedly support this initiative “Singhal stated.

BuyUcoin CEO Shivam Thakral stated: “We understand that RBI, as India’s leading regulatory authority, is concerned about the country’s financial stability. We would want to emphasise that cryptocurrency has the potential to revolutionise a country’s financial system for the better provided it is nurtured in a healthy regulatory environment.”

The RBI’s fear is legitimate, according to Kashif Raza, creator of Bitinning, a crypto teaching platform, because all central banks around the world have similar concerns.

Published by- Aashay Bhujbal

Edited by- Kritika Kashyap