{"id":22815,"date":"2022-02-10T17:46:16","date_gmt":"2022-02-10T12:16:16","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-rbi-ld-das-crypto\/"},"modified":"2022-02-10T17:46:16","modified_gmt":"2022-02-10T12:16:16","slug":"biz-rbi-ld-das-crypto","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-rbi-ld-das-crypto\/","title":{"rendered":"Days after govt&#8217;s taxation move, RBI Guv says cryptocurrencies a threat to fin stability; not even worth a tulip"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3710517017\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>      Mumbai, Feb 10 (PTI) Reserve Bank Governor Shaktikanta Das on Thursday said cryptocurrencies are a &#8220;threat to macroeconomic and financial stability&#8221; and cautioned investors against punting on them, days after the Union government&#8217;s move to tax the gains made from cryptocurrency trades.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-540033380\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> In the Union Budget for 2022-23 presented in Parliament on February 1, the government proposed levying a 30 per cent tax on gains made on cryptocurrency trades by investors and the announcement was welcomed by cryptocurrency industry players, saying it legitimises their trades.<\/p>\n<p> Das invoked the 17th century &#8216;tulip mania&#8217;, widely considered to be the first financial bubble, to caution investors, saying the cryptocurrencies do not even possess\u00a0the value of the exotic flower.<\/p>\n<p> The latest comments from the Reserve Bank of India (RBI) Governor are also a reiteration of institutional concerns on crypto assets.<\/p><div class=\"trade-content_5\" id=\"trade-3220964548\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;Private cryptocurrencies or whatever name you call it are a threat to our macroeconomic stability and financial stability. They will undermine RBI&#8217;s ability to deal with issues of financial stability and macroeconomic stability,&#8221; Das told reporters.<\/p>\n<p> RBI has been repeatedly flagging its concerns on such instruments and had banned the banking system from aiding such trades, which was struck down by the Supreme Court in 2020.<\/p>\n<p> On Thursday, Das said it is his &#8220;duty&#8221; to caution investors, and told them to keep in mind that they are investing at their own risk.<\/p>\n<p> Invoking the historical &#8216;tulip mania&#8217;, Das said the investors need to keep in mind that there is no value for cryptocurrencies. &#8220;They (investors) also need to keep in mind that the cryptocurrency has no underlying, not even a tulip,&#8221; he noted.<\/p>\n<p> The &#8216;tulip mania&#8217; of the 17th century is often cited as a classic example of a financial bubble where the price of something goes up, not due to its intrinsic value but because of speculators wanting to make a profit by selling a bulb of the exotic flower.<\/p>\n<p> Cryptocurrencies are said to originate or &#8216;mined&#8217; using complex algorithms built on the blockchain platform but critics say it lacks the &#8216;value&#8217; of legal tender whose supply is regulated. After getting mined by running a programme, units of cryptocurrencies are traded in the secondary markets where their value has been very volatile.<\/p><div class=\"trade-content-10\" id=\"trade-2297863347\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The usage of such instruments as a currency to buy goods and services is very limited and so far, only Ecuador, has recognised it as legal tender but the volatile prices led to riots.<\/p>\n<p> Those supporting such instruments say this should be looked at as an asset class for now but stress that they are instruments of the future.<\/p>\n<p> In parallel, RBI has been making efforts to come out with a fiat digital currency. PTI AA  RAM<\/p>\n<div class=\"trade-after-content\" id=\"trade-1420002088\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Feb 10 (PTI) Reserve Bank Governor Shaktikanta Das on Thursday said cryptocurrencies are a &#8220;threat to macroeconomic and financial stability&#8221; and cautioned investors against punting on them, days after the Union government&#8217;s move to tax the gains made from cryptocurrency trades. In the Union Budget for 2022-23 presented in Parliament on February 1, the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-22815","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Days after govt&#039;s taxation move, RBI Guv says cryptocurrencies a threat to fin stability; not even worth a tulip - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-rbi-ld-das-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Days after govt&#039;s taxation move, RBI Guv says cryptocurrencies a threat to fin stability; not even worth a tulip\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Feb 10 (PTI) Reserve Bank Governor Shaktikanta Das on Thursday said cryptocurrencies are a &#8220;threat to macroeconomic and financial stability&#8221; and cautioned investors against punting on them, days after the Union government&#8217;s move to tax the gains made from cryptocurrency trades. 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