x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Omar’ announcement of five Marlas land to landless is welcome step: Gupta | Vishwa Yog Sansthaan conducts morning yoga, plantation drive & relief distribution | CM inaugurates Rs 35.67 crore water supply schemes in Tangmarg | Explore innovative , practical solar energy solutions for JK:- Satish Sharma | DyCM visits NIFT Budgam, reviews ongoing developmental works | Gold prices drops Rs 600 to Rs 1,13,200/10 G as fed's cautious stance strengthens Dollar | CS seeks guidance of NITI Aayog on Tele-ICU setup in new GMCs | Babila Rakwal reviews functioning of FPOs across J&K | DC distributes 52 sanction letters to promote youth entrepreneurship | PM Modi's policies reshaping India into a 'Mother-led Democracy': Purnima Sharma | All exams to be held on time in J&K: Sakina Itoo | JKBOSE, JKACS jointly organise UT level quiz competition on HIV/AIDS | Team KPBB - Serving Humanity, Serving Hope for flood-affected families | Hindi Fortnight inaugurated with grand ceremony at Central University of Jammu | NFR takes up eco-friendly drive under Swachhata Hi Seva 2025 | Inter-state drug supplie arrested with 7 kg Ganja in Domana | GST reforms are Prime Minister Modi's Diwali gift to the nation: CM Yogi | Director TBMS Parwez S Kaul, Retd Justice Muzaffar Jan visit DPS Srinagar | Projects worth over Rs 5 lakh crore to be launched in November with GBC@5: Chief Minister | Hardcore criminal booked under PSA by Samba police | Setback for Cong as LBA asserts authority, Thupstan returns to lead LBA | Controversy erupts over crowdfunding campaign in Mehraj Malik’s Name | Bar president distances himself from Mehraj’s legal team | LG Sinha to inaugurate national seminar on’ Bhartiya Bhashaon Mein Ekaatmata ' today | District-level panels constituted | CM Omar Inaugurates Convention Centre in Gulmarg | Vaishnodevi Yatra resumes after brief halt, registration begins | PM Modi speaks to Nepal PM Karki, supports efforts to restore peace | Court denies bail to ex-president LoC Traders Association in Hizbul funding case | Pahalgam tourist killings case: NIA court extends remand of 2 accused | MLA Inderwal calls on Omar, lists demands | Best out of Waste competition held at GCW Udhampur | India’s Minimum Support Price (MSP) Mechanism: Balancing Farmer Welfare, Market Dynamics, and Sustainable Agriculture | Indian Hearts in Peril: A Silent Epidemic | Balancing Legality With Humanity | GDC R S Pura organizes donation drive under Sewa Pakhwada | Red Ribbon Club volunteers visit Home for Aged, Infirm | Campaign for Saturation of Fl Schemes at Gram Panchayat level in all districts | Parveen Pargal appointed All India Executive Member of Laghu Udyog Bharati from J&K | NCC, NSS Units of GDC Kathua conducted donation activity under Seva Parv | Anantnag police seize land in major narco-terror crackdown | Owais Ali Bhat foundation J&K divisions helping flood effected people | RED DROP in collaboration with F&ES, LD hospital organizes blood donation | Celebration of Seva Parv at GDC Majalta | SPPND GDC Samba organizes donation drive to celebrate Sewa Parv | Nukkad Natak show on drugs abuse organize by Billawar police | Jammu police arrest absconder in Akhnoor | MLA Bahu Ch Vikram Randhawa kickstarts lane, drain work in Ward No. 21 | Police booked notorious drug Kingpin under PIT NDPS Act | Back Issues  
 
news details
Cryptocurrencies are huge risks to financial stability, says RBI Governor
10/26/2024 10:26:26 PM
Agencies

Washington, Oct 26: Cryptocurrencies are huge risks to financial stability and monetary stability, Reserve Bank of India Governor Shantikanta Das said Friday, asserting it may create a situation where the central bank may lose control of money supply in the economy.
“I am actually of the opinion that this is something which should not be allowed to dominate the financial system. Because it has huge financial stability risks and huge monetary stability risks, it also poses risks to the banking system. It also may create a situation where the central bank may lose control of the money supply in the economy,” RBI Governor Shantikanta Das said during his appearance at the Peterson Institute for International Economics, a think-tank.
“If the central bank loses control of the money supply in the economy, how does the central bank check liquidity available in the system? How does a central bank control inflation by squeezing money supply or by losing money supply in times of crisis? So, we see crypto as a big risk, and there has to be an international understanding because the transactions are cross-country,” he said in response to a question.
“There has to be (an) international understanding on this issue, being fully mindful of the huge risks associated with cryptocurrencies. It is not something which I feel it’s not something which should be encouraged. This view is not a very popular view, but I think as custodians of financial stability, it is a major concern for central banks world over. Governments are also becoming increasingly aware of the possible downside risks in cryptocurrencies,” Das said.
India, he said, was the first country to raise questions about cryptocurrencies. In the G20 under the Indian presidency, there was an agreement to develop an international understanding with regard to how to deal with this whole crypto ecosystem. Some progress has been made in this regard, he added.
“I think more work still needs to be done. From India, from the Reserve Bank’s perspective, I think we are one of the first central banks which very clearly voiced its serious concerns about the so-called cryptocurrencies. We see them as big risks, huge risks to financial stability. There are good reasons why we are saying that,” he said.
“First, we have to understand the origin of cryptocurrencies. The origin was to bypass the system. Cryptocurrencies have all the qualities of money. The fundamental question is, are we as authorities, are governments comfortable with privately issued cryptocurrencies which have all the features of Currency issuance. Currency issuance is a function, a sovereign function. So the bigger question, larger question is whether we are comfortable with crypto, which has characteristics of being a currency, or whether we are comfortable with having a private currency system in parallel to the fiat currency,” he added.
“Obviously, if a certain part of your economy is getting carved out and it is dominated by the crypto assets or the private crypto assets, then the central bank loses control over the entire monetary system. So therefore, it will lead to a huge amount of instability in the monetary system. It can also promote a huge amount of instability in the financial sector. So there are very big risks,” he said.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU