RBI Executive Director's big statement on cryptocurrency said this currency has no value of its own
Cryptocurrency: Cryptocurrencies have no inherent value, hence P Vasudevan, the executive director of the RBI, stated on Friday that they cannot be referred to as money. For a very long time, the RBI has been critical of modern currencies like Bitcoin. According to RBI, this puts financial systems at risk on a systemic level. As of right now, India does not recognise Bitcoin legally.
Cryptocurrencies have no inherent value, hence they cannot be referred to as currencies, according to RBI Executive Director P Vasudevan, who stated this on Friday. For a very long time, the RBI has been critical of modern currencies like Bitcoin. According to RBI, this puts financial systems at risk on a systemic level.
Vasudevan stated that the government should ultimately decide how to handle cryptocurrencies during a speech at an IIM Kozhikode event. As of right now, Bitcoin is not recognised legally in India, and investors must pay taxes on the money they make from using it.
About the measures implemented against Paytm Payments Bank and the limitations placed on certain foreign card issuers, Vasudevan stated that self-regulation would be a more effective means of safeguarding the fintech industry. He suggested looking into mechanisms to draw attention to inappropriate behaviour.
