India's central bank has expressed concerns that cryptocurrencies could lead to the dollarization of part of the Indian economy. crypto cryptocurrency bitcoin $BTC
India’s central bank, the Reserve Bank of India , has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.”The Reserve Bank of India , the country’s central bank, has warned that cryptocurrencies could lead to the dollarization of a part of the Indian economy, PTI reported Monday, citing unnamed sources.
Emphasizing that cryptocurrencies pose challenges to the stability of India’s financial system, the RBI officials stressed: India’s central bankers also noted that cryptocurrencies are used for money laundering, terrorism financing, and drug trafficking. The RBI officials further explained that cryptocurrency will have a negative impact on the banking system. They noted that this asset class is attractive to people who may want to invest their hard-earned savings in it, resulting in banks having less resources to lend.
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