TL;DR Breakdown
- The situation of crypto adoption in India remains unclear.
- The Reserve Bank of India, the nation’s central authority, remains critical of digital assets.
- The Governor of the monetary authority believes that cryptocurrency adoption is a ‘concern.’
- Despite the regulatory unrest, India has seen a massive surge in crypto investors.
The recent statements by the operator of monetary policy of India, the Reserve Bank of India (RBI), are a bit disturbing for Indian crypto investors. The Governor of the Reserve Bank of India, Shaktikanta Das, has expressed doubts about the use of Bitcoin and other digital currencies, emphasizing that RBI has “serious and major concerns” about its adoption.
In a media event on Friday, Das further added that the Indian government is aware of the ‘concerns.’ He also said that it is important to issue a set of regulations on digital currencies.
Amid the international issue over Bitcoin adoption and regulation, the RBI, according to Das, is looking for the impacts of digital currencies like Bitcoin on the Indian economy.
India is one of the leading crypto adoption countries. The investments in Bitcoins and altcoins have increased more than 400% in just a single year, and approximately 15 million Indians invest in cryptocurrencies.
The Reserve Bank of Indian remains critical of cryptocurrency adoption
It is not new to see the RBI and Indian government showing a strict view on the adoption of cryptocurrencies. In the past, there came a situation when the government was thinking of not allowing local banks to release money for cryptocurrency trading, which didn’t happen because India’s Supreme Court didn’t let the Reserve Bank of India do so.
RBI’s recent connection with Blockchain and cryptocurrency adoption is the creation of a digital rupee. The bank said that it would be rolled out soon.
Apparently, the Reserve Bank of India is on the path of unveiling CBDCs just like various countries, including the Chinese government.
Many countries, including El Salvador, have officially started using BTC as a legal tender that has increased the value of the BTC in the last month. Along with that, the Ukrainian authorities are also thinking of legalizing cryptocurrencies. On the other hand, many governments around the world are constantly opposing the adoption leading to a mixed reaction among the people around the world.
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