Synopsis The central bank's Financial Stability Report said the aggressive tightening of monetary policy in response to the inflationary pressure was having ramifications on the cryptocurrency ecosystem. Reiterating his long-held stance on cryptocurrencies, the Reserve Bank of India ( RBI ) governor Shaktikanta Das said in the 25th issue of the RBI's Financial Stability Report (FSR) that "we must be mindful of the emerging risks on the horizon". "Cryptocurrencies are a clear danger. Anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name," Das said in the foreword of the report released on Thursday. "While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against. As the financial system gets increasingly digitised, cyber risks are growing and need special attention." According to the report, which reflects the collective assessment of the sub-committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the financial system, crypto-assets are seen as a growing threat warranting drastic approaches by national authorities. The report notes that global regulatory efforts continue to focus on… Read full this story
- Crypto Rebels Trip Over Each Other en Route to Financial Utopia
- Financial crisis 2008: How Lehman Brothers helped cause 'the worst financial crisis in history'
- EXCLUSIVE: Why Consumers Must Resist the Dangerous Push for Cashless Societies
- Making Europe financially independent, one transaction at a time
- Revisiting and Revising History: 10 Years After the Financial Crisis
- Turkey's lira turmoil could herald a global financial crisis
- John McGuinness: The banking system is rotten and can only get worse — we need change
- Decision to bring White Helmets to Canada dangerous and criminal
- Sex and the City's Cynthia Nixon attacks 'lying' Andrew Cuomo in fierce debate for governor of New York
- Typhoon at its closest point of approach, dangerous winds to continue
Cryptocurrencies a clear danger to financial systems: RBI Governor have 319 words, post on economictimes.indiatimes.com at June 30, 2022. This is cached page on The World Articles. If you want remove this page, please contact us.