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India Central Bank: Report that the cryptocurrency does not threaten the stability of the financial system

Three points of this article!

  • Reserve Bank of India (RBI) reported “cryptocurrency does not threaten the stability of the financial system at the present time”
  • Quoted the report of the Financial Stability Board (FSB) last October, saying “The cryptocurrency market is not a threat at the moment”
  • Although RBI has been showing a harsh attitude toward cryptocurrency since last year, its attitude continues to be ambiguous, such as the Indian government talks about legalization

Article Source: Cointelegraph

The Reserve Bank of India (RBI) , the central bank of India, reported that the cryptocurrency is not a threat to the stability of the financial system at this time .

According to the report entitled “REPORT ON TREND AND PROGRESS OF BANKING IN INDIA 2017-18 (Report on Banking Industry Trends and Progress in 2017 – 2018)” is as follows.

“The cryptocurrency does not threaten the stability of the world’s financial system at the present time, however, the cryptocurrency market is developing rapidly, and the cryptocurrency is further spreading, mutualizing with the core part of the regulated financial system If it gets connected, the current evaluation on the cryptocurrency could change.

India’s participating financial stability board (FSB, Financial Stability Board) said in October that the market capitalization of the cryptocurrency market does not reach 2% of gold and thus is not a threat at the moment, We are reporting that attention is needed in the future as the market is growing rapidly .

This RBI report also quotes the conclusion of this October report by the FSB.

In April last year the RBI continued its strict attitude toward cryptocurrency, including requesting domestic banks to stop providing cryptocurrency trading services, but at the end of last year the Indian government approved the legalization of the cryptocurrency It is said that the story of saying that the story is told by stakeholders, its attitude continues to be ambiguous.

Daichi

The fact that the Indian government is in favor of the legalization of the cryptocurrency, and RBI, which showed a tough stance, also said that “this will not be a threat” in this report is a bit Will it be a progress

Author: Daichi – Source Post: https://crypto-times.jp/india_crypto_nothreat/

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