The concern of the Reserve Bank of India (RBI) regarding cryptocurrencies has once again come to the fore. The central bank’s stance in the Quarterly Financial Stability Report is more serious than ever. The central bank has specifically identified private cryptocurrencies as an obstacle to action against illegal cross-border financial transactions or terrorist activities. This warning of RBI may further alert the central government, which is already taking steps regarding cryptocurrencies. The government was preparing to introduce a bill on cryptocurrencies in the current winter session, but it was postponed at the last minute.
The RBI has cited a research report by the Financial Action Task Force (FATF) to say that anonymous cryptocurrencies are posing a threat to the entire ecosystem. This is hampering efforts to create transparency. This encourages illegal financial transactions. On the basis of this, new techniques and systems are also being created, in which it is difficult to identify the people involved.
According to the report, the total market capitalization of the world’s 100 top cryptocurrencies has been valued at $ 28 trillion, or about Rs 210 lakh crore. According to RBI, large-scale investment in crypto threatens the real economy. RBI Governor Dr. Shaktikanta Das has expressed his doubts about cryptocurrencies many times in the past. Prime Minister Narendra Modi also publicly called technology like cryptocurrency a challenge to democracy and suggested the top leadership around the world to make a global manual on crypto.