India will have its own cryptocurrency, RBI hints

Concerns that cryptocurrency may prove to be dangerous for the country

If cryptocurrency falls into wrong hands, losses, youth will be ruined: Prime Minister Narendra Modi warns

AHMEDABAD: Amid uncertainty over rules and regulations for cryptocurrency or digital currency in India, there are clear indications that both the central government (for formulating the country's public policy) and the Reserve Bank of India (responsible for currency and monetary policy in the country) are moving fast. .

Prime Minister Narendra Modi today said that democratic countries should cooperate so that cryptocurrency does not fall into the wrong hands. On the other hand, the RBI has signaled the launch of India's official digital currency in the first quarter of the financial year 2022-23, as cryptocurrency poses a threat to the country's economy and financial system.

Addressing a video conference on the digital revolution in the Sydney Dialogue, the Prime Minister said that technology and data are new weapons. It is up to the different nations to decide whether to use the amazing power of technology for coercion or friction or for development or domination.

"Trade, investment and the public interest should be promoted through technology along with the interests of different nations. For example, cryptocurrency or bitcoin requires that every democratic country work together. It should not fall into the hands of the wrong class, it may confuse our youth, 'said Prime Minister Narendra Modi.

Earlier, the Prime Minister had a meeting with local experts and senior ministers on Sunday. The meeting also raised concerns about the use of unregulated currencies such as cryptocurrencies as a hawala business or terrorist organization's financial source and advocated for a policy to be formulated to formulate a policy on the use, transaction and control of these currencies in India.

Meanwhile, the Reserve Bank of India is moving ahead with the launch of India's official currency in digital form. P Vasudev, head of the payment and settlement department at the country's central bank, said the digital currency would be launched on an "experimental basis" in the first quarter of the next financial year.

Central bank approved digital currency is a currency that does not require currency notes and will be replaced by digital creation using only blockchain technology.

Cryptocurrency is created all over the world with this technology but the difference is that it is not recognized by any country or central bank of any country. China is one of the leading economies in the world, which has experimentally launched the digital version of its currency, the yuan.

In August, Reserve Bank Governor Shaktikant Das announced that the Reserve Bank was ready to launch an alternative to digital currency and would begin experimenting with it in December. However, the Reserve Bank is now saying that it is being delayed as it is a complex process. 'We are working for this.

The Central Bank is conducting a detailed study of every aspect of valid digital currency. This is not an easy task to get used to tomorrow. The utility will be decided on the basis of how it is implemented and how it is used, so one should not be in a hurry, 'added Vasudev.

The use of crypto is increasing in India

There are an estimated 100 million cryptocurrency accounts in India with rupee investments. However, the Reserve Bank does not agree with these figures but acknowledges that the country is seeing an increase in the use of digital currency and transactions.

In car gear for crypto and digital currency

November 15: Prime Minister Narendra Modi meets with people and experts associated with the country's cryptocurrency industry.

Ta. November 16: A meeting of the Parliamentary Standing Committee of the Finance Department of the country met with various MPs and experts on the opportunities and challenges of the crypto financial system.

November 17: RBI Governor reiterates that cryptocurrency is a threat to the economy and financial system.

November 18: Indications that India will launch its digital currency experimentally next year.

કે 30 billion reduction in market cap

Bitcoin fell again to within 59 thousand dollars

MUMBAI: Bitcoin prices plunged below 60 60,000 today, falling to 59 59,000 at one point in the cryptocurrency market. Prices in the cryptocurrency came under pressure amid a backlash in the global dollar index and signs that various central banks around the world are not in a hurry to raise interest rates.

Bitcoin prices were at a high of 9 60960 to 9 60961 today, followed by a low of 7 58798 to 7 58799 and 59 59005 to 00 59006. Bitcoin's market cap fell from 11 1140 billion to 11 1110 billion today as prices plummeted. Trading volume was 1.77 billion. Unemployment claims in the US dropped from 2.69 million to 2.68 million.

Meanwhile, in midcap cryptocurrencies, the price of ether rose from 43 4,344 to 45 4,345, then fell from 13 4,136 to 13 4,137 to 14 4,142 to 14 4,143. The trading volume ranged from 4 984 million to 5 985 million. XRP prices were quoted at 107 cents today. Cardano's price fell to 181 cents.