Reserve Bank of India (RBI) Governor Shaktikanta Das believes the number of Indians said to have invested in cryptocurrencies is “highly exaggerated”.
Das on November 10 flagged investments in virtual tokens as a serious concern for India’s financial stability and its macroeconomy. He further said that the invested amount indeed seems growing, The Economic Times reported.
I am not so sure about the numbers that are being quoted. Because, whatever information we have, with a reasonable amount of confidence I can say that the number of participants in the crypto market seems exaggerated.Shaktikanta Das at a Business Standard event
While no official stats indicate whether this assertion is true or not, the industry still seems to show up to 6 lakh crore rupees ($80.5 billion) invested in the digital asset class. Moreover, the popularity has also extended to millennials in tier-2 and tier-3 cities as well.
Also, just recently, the total value of all cryptocurrency assets has just crossed $3 trillion.
Das also proposed some stats of his own, saying more than 70 percent of investors from India; did not even invest more than Rs. 3,000 per head in digital tokens.
The cryptocurrency craze in India is noteworthy more due to a lack of regulation. The RBI governor stated that the government was actively considering recommendations made in a report by a high-level panel. Headed by former economic affairs secretary Subhash Chandra Garg.
The government is reportedly expected to table the draft bill on regulating virtual currencies in the budget session of parliament in February.
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