Reserve Bank of India (RBI) Governor Shaktikanta Das has once again expressed concern over cryptocurrencies. He warned that virtual currencies could lead to serious problems that could jeopardize the country’s economy and economic stability. Information is that the centre is likely to introduce a bill on cryptocurrencies in the winter sessions of Parliament starting on the 29th of this month.
Speaking at a banking event, Das said, “We need to discuss in more depth the risks to the macroeconomy posed by cryptocurrencies. According to our information, loans are being given to open cryptocurrency accounts. Incentives are also given for trading. However, the total account balance is between Rs.500, Rs.1000 and Rs.2000. About 70-80 percent of these types of accounts. However, with the huge increase in the number of accounts, the value of trading and transactions in virtual currencies is increasing,” he said.
Several signs indicate that the economy is recovering after the pandemic. “Once they reopen, our economy has the potential to grow exponentially,” he said. While most economists have revised their growth forecasts for the current financial year to between 8.5-10 per cent, the RBI has not changed its forecast to 9.5 percent.