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The India Central Bank Governor Warns Against Cryptocurrencies

Summary:
India’s government has not completely embraced cryptocurrencies, and the Governor of the Central Bank of India, Shaktikanta Das has warned Indians about cryptocurrencies. There have been different reactions from different nations to cryptocurrencies, ranging from rejection to acceptance and regulation. The cryptocurrency market has been on a bearish cycle, the bulls on numerous occasions tried to take over the market, but all to no avail. Different government agencies have viewed the current state of the market as the reason why cryptocurrency cannot work, while others are optimistic. SafeMoon is one of the cryptocurrencies that holds great promises to its community and at press time, the SafeMoon price is trading at 0.0007100. It is currently up by 13.20% in the last

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India’s government has not completely embraced cryptocurrencies, and the Governor of the Central Bank of India, Shaktikanta Das has warned Indians about cryptocurrencies. There have been different reactions from different nations to cryptocurrencies, ranging from rejection to acceptance and regulation. The cryptocurrency market has been on a bearish cycle, the bulls on numerous occasions tried to take over the market, but all to no avail. Different government agencies have viewed the current state of the market as the reason why cryptocurrency cannot work, while others are optimistic.

SafeMoon is one of the cryptocurrencies that holds great promises to its community and at press time, the SafeMoon price is trading at 0.0007100. It is currently up by 13.20% in the last 24 hours on the trading chart of the Gate.io crypto exchange. Despite the bearish trend in the cryptocurrency market during the previous 24 hours, SafeMoon has been up and making its community members some good gains. It has a trading pair of SFM/USDT on the Gate.io exchange and other cryptocurrencies are also available on this exchange. This exchange is reliable, fast, very secure and one of the best exchanges to buy cryptocurrencies, you can start trading at Gate.io now. Will the Indian Government continue with plans to regulate cryptocurrencies or go for a complete ban on cryptocurrencies?

Reserve Bank Of India (RBI) On Cryptocurrencies (H2)

India has millions of cryptocurrency holders and during the financial budget speech in February, the Financial Minister, Nirmala Sitharaman announced heavy taxes on cryptocurrency transactions and the Indian government’s move to enforce stricter regulations on cryptocurrency assets. The Financial Minister had also said in April, that the cryptocurrency regulation will not be rushed and that the government is working with the  International Monetary Fund and the World Bank on cryptocurrency regulations.

In February, India’s Central Bank Governor, Shaktikanta Das criticized cryptocurrencies, stating that it does not have a store of value and can lead to financial instability. He also stated that investors are investing in cryptocurrency at their own risk and cited the Dutch tulip bulb market bubble in the 17th century and that it can lead to the dollarization of India’s economy.

In an interview with CNBC TV18 on Monday, the Central Bank Governor of India again warned that cryptocurrency has no underlying value. During the interview, he discussed the regulation of cryptocurrency in India and referred to the current bearish cryptocurrency market and the Terra network crash which involved the crash of Luna and the stablecoin UST. He stated that “We have been cautioning against crypto and look at what has happened to the crypto market now. Had we been regulating it already, then people would have raised questions about what happened to regulations.” With the current stance of the Indian Government on cryptocurrency regulations, what would be the effect on the global cryptocurrency market?

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