RBI Governor Shaktikanta Das has said that there are serious problems related to cryptocurrencies
Days after declaring that the new age coins pose a serious threat to the macroeconomic and financial stability of the country, Reserve Bank of India (RBI) governor Shaktikanta Das on Tuesday reminded recounted his concerns about cryptocurrency, saying that the problems are deeper related to it.
Speaking before a banking conference organized by the State Bank of India (SBI) where he said that economic parameters are pointing to the possibility of growth, Mr. Das while commenting on the cryptocurrency noted that “when the RBI, after internal deliberation, says that there are concerns about macroeconomic and financial stability, there are deeper issues that need further discussion and more information”.
The RBI governor casts doubt on the current trading figures in cryptocurrencies and said investors are being lured to open accounts by offering credit.
“We have received a lot of feedback that credit has been given to open accounts and many other types of incentives are being offered to open accounts, but the total account balance is only around Rs 500, Rs 1,000 or Rs 2,000 and covers about Mr. said: 70% to 80% of accounts.
He added that although the value of trading and buying and selling virtual currencies has increased, the number of accounts is exaggerated.
Last week, Mr. Das said that new-age currencies pose a serious threat to the country’s macroeconomic and financial stability, casting doubt on the number of investors trading on them as well. their declared market value.
Meanwhile, commenting on the economic scenario, the Governor of RBI said that the signs of economic recovery are now visible.
“There are signs that consumer demand, triggered by the holiday season, is making a strong comeback. This will encourage companies to expand capacity and boost employment and investment,” he noted. in a good financial context,” he noted.
Mr. Das added that banks’ total bad assets (NPA) showed an improvement in September 2021 compared to June 2021 levels and called on financial institutions to strengthen their capital management processes. surname.
He further noted that public spending would play an important role in driving an investment-led recovery, while expressing hope that the country has the potential to grow at a more steady pace in the scenario. post-coronavirus pandemic.
“India’s tremendous progress in vaccines is a prime example of scientific prowess,” said the RBI governor, although at the same time added that intensive contact services still need to regain lost momentum.
Mr. Das said that first-quarter GDP data had shown that there was a significant gap in private consumption and investment and that more was needed to surpass pre-pandemic growth.
