• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Siemens and MIT Tech Review Probe ‘The Emergent Industrial Metaverse’

    2023-03-30

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

    2023-03-31

    XRP Perpetual Futures Open Interest skyrockets to $610 million

    2023-03-31

    CNBC’s Jim Cramer calls Binance “way too sketchy”

    2023-03-31

    Bitcoin reclaims $28k despite potential regulatory woes from Binance lawsuit

    2023-03-31

    Binance daily withdrawals double as users report problems off-ramping

    2023-03-31
  • Learn

    Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

    2023-03-30

    Next Cryptocurrency to Explode 2023

    2023-03-30

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
CryptoNewsMetaverse
Home»Regulation»India’s central bank governor calls for ban on crypto, compares it to gambling
India’s central bank governor calls for ban on crypto, compares it to gambling
Regulation

India’s central bank governor calls for ban on crypto, compares it to gambling

2023-01-13No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Reserve Bank of India (RBI) governor Shaktikanta Das called for a ban on crypto during a recent conference, according to a Jan. 13. report from India Today.

Das said that the central bank’s stance on cryptocurrency “is very clear – it should be banned.” He went on to state that cryptocurrency “does not have any underlying value” and that its value is based on “make-believe” and speculation.

“To put it bluntly, it is gambling,” Das concluded, adding that gambling is banned in India. His comments echo a similar comparison made by politician Bihar Sushil Kumar Modi last April. Though certain states in India allow for betting and lotteries, the practice is largely prohibited and there is widespread illegal gambling in the country.

Das also expressed concerns that permitting cryptocurrency could undermine the authority of the RBI, which acts as India’s central bank and monetary authority. Crypto could cause India to lose its control of the money supply, he warned.

He argued that acceptance of crypto could lead to dollarisation, meaning that foreign U.S. currency could be increasingly used over the Indian rupee.

He stated that the RBI previously warned of a crypto collapse, then indirectly alluded to the recent collapse of FTX and the subsequent crypto market crash. “If you see the developments, I think I don’t need to add anything more,” he said.

Das and the RBI have indeed issued similar warnings since at least late 2021. Das personally called for a crypto ban in December of last year.

Despite various reports that India is pursuing a near-total ban on cryptocurrency, the country has not yet explicitly prohibited crypto use. Furthermore, Das seems to support certain uses of blockchain, and India is pursuing a regulated CBDC.

The country did, however, impose a very high 30% tax on capital gains earned through crypto trading (alongside a 1% tax on transactions) in 2022.

Source link

Ban bank calls Central compares Crypto gambling Governor Indias
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31

Bitcoin reclaims $28k despite potential regulatory woes from Binance lawsuit

2023-03-31
Add A Comment

Leave A Reply Cancel Reply

Top Posts

DOJ probes Silvergate over FTX, Alameda ties

2023-02-03

Crypto Stories: Ethan Lou shares experience of crypto conference in North Korea

2022-05-02

Russia should use crypto for payments with Africa, commerce exec says

2022-04-14

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,524.001.59%
  • ethereumEthereum(ETH)$1,825.821.77%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.01%
  • binancecoinBNB(BNB)$316.80-0.09%
  • usd-coinUSD Coin(USDC)$1.000.02%
  • rippleXRP(XRP)$0.540.11%
  • cardanoCardano(ADA)$0.4051337.36%
  • Lido Staked EtherLido Staked Ether(STETH)$1,824.442.14%
  • dogecoinDogecoin(DOGE)$0.0767032.91%