look news india
Mumbai: A report by the Reserve Bank of India (RBI) has said that the widespread use of crypto assets could have a negative impact on the country’s macroeconomic and financial stability.
In the Financial Stability Report released on Monday, the Reserve Bank said that excessive use of crypto assets not only reduces the effectiveness of monetary policy, increases financial risks, but also creates the possibility of draining the financial resources necessary for the economy. She goes. The report states that crypto assets also pose a threat to global financial stability.
The size of the cryptocurrency market may be small, but its continued expansion and increasing integration with the traditional financial system creates systemic risks. Following the victory of Donald Trump as the new President of the United States, the price of the leading crypto Bitcoin crossed $100,000 and retreated after the price witnessed a peak of $1,08,000.
It is noteworthy that Donald Trump is a proponent of cryptocurrency, and his administration is expected to provide legal support to crypto trading.