https://sputniknews.in/20240112/india-wont-emulate-us-regulators-bitcoin-etfs-approval-rbi-governor-6172475.html
India Won't Emulate US Regulators' Bitcoin ETFs Approval: RBI Governor
India Won't Emulate US Regulators' Bitcoin ETFs Approval: RBI Governor
Sputnik India
India's stance on cryptocurrencies will remain unchanged despite the US decision to allow bitcoin exchange-traded funds (ETFs) to list on exchanges, central bank chief Shaktikanta Das said this week.
2024-01-12T17:48+0530
2024-01-12T17:48+0530
2024-01-12T17:48+0530
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India's stance on cryptocurrencies will remain unchanged despite the US decision to allow bitcoin exchange-traded funds (ETFs) to list on exchanges, central bank chief Shaktikanta Das said this week.The central bank chief said cryptocurrencies pose a threat to financial stability in emerging markets.Das, on numerous occasions, expressed his concerns regarding cryptocurrencies, highlighting macroeconomic and financial stability and his reservations.The Securities and Exchange Commission (SEC) of the United States has granted approval for investment firms to launch Bitcoin exchange-traded funds (ETFs). This represents an exciting opportunity for the world's largest cryptocurrency token, as it signifies a potential resurgence in terms of market capitalisation.In India, the crypto market has been significantly impacted by a 30% tax on profits since 2022, in addition to a 1% tax at the source on all crypto platforms. As a result, popular exchanges like WazirX and CoinDCX have experienced a substantial decline, plummeting by as much as 93% until 10th January 2024.
https://sputniknews.in/20231005/india-creates-global-cryptocurrency-database-that-will-change-regulations-4611774.html
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India Won't Emulate US Regulators' Bitcoin ETFs Approval: RBI Governor
Deexa Khanduri
Sputnik correspondent
US stock market regulators have approved exchange-traded funds (ETFs) in bitcoin, giving investors a boost. India has strict regulations on digital currencies and has also issued warnings about the potentially significant impact it could have on developing countries.
India's stance on cryptocurrencies will remain unchanged despite the US decision to allow bitcoin exchange-traded funds (ETFs) to list on exchanges, central bank chief Shaktikanta Das said this week.
"Reserve Bank of India's (RBI's) position on cryptocurrency remains unchanged. Traveling down that path will create huge risks. I don't think the world or emerging markets (EMs) can take a crypto mania like the tulip mania," Das said, referring to the 17th century boom and bust in Dutch tulip prices, considered one of the most notorious asset bubbles in history.
The central bank chief said cryptocurrencies pose a threat to financial stability in emerging markets.
"The way we look at crypto remains the same regardless of who is doing what," Das said, adding, "Just because someone is doing something, we are not here to emulate them."
Das, on numerous occasions, expressed his concerns regarding cryptocurrencies, highlighting macroeconomic and financial stability and his reservations.
The Securities and Exchange Commission (SEC) of the United States has granted approval for investment firms to launch Bitcoin exchange-traded funds (ETFs). This represents an exciting opportunity for the world's largest cryptocurrency token, as it signifies a potential resurgence in terms of market capitalisation.
In India, the crypto market has been significantly impacted by a 30% tax on profits since 2022, in addition to a 1% tax at the source on all crypto platforms. As a result, popular exchanges like WazirX and CoinDCX have experienced a substantial decline, plummeting by as much as 93% until 10th January 2024.
