Hi Readers,
I am happy to meet you through this article again!
Today, on 10th February 2022, the Reserve Bank of India (RBI), India's Central Bank announced the Monetary Policy Committee Report- MRC. This was much expected by the economists and other market players and it was expected by all of them that the key interest rates would be raised. But contrary to the expectations, the key interest rates were kept unchanged. The Governor of Reserve Bank of India, Mr. ShakthiKandadas announced the much expected this monetary policy.
Mr. Shakthi Kandadas, Governor- Reserve Bank of India
Having after the release of the MPC Report, The Reserve Bank of India Governor, Mr. Shakthikandadas reiterated his stand that Cryptos are threat to macro economics and Financial Stability. He also cautioned the investors that it is with anyone's own risk to invest in the Cryptos. He added that the Cryptos have no underlying value. Interestingly he compared that the investments on the Cryptos are not even a Tulip. He referred this to the Tulip Mania- the first ever financial crisis happened in the 17th Century in Holland, Europe where the prices of the Tulips were peaked and collapsed drastically which made the investors to bankrupt.
He expressed this same view point couple of times in the past too.
He made his clarion call again on Crypto investments today.
It is to be noted and recalled that India taxed 30% to all the Crypto Assets in the recent budget 2022 which was presented by Mrs. Nirmala Seetharaman, the Finance Minister on February 1, 2022.
