Officials from the Reserve Bank of India (RBI) have reportedly sounded the alarm bells again over crypto adoption, which they claim will ultimately lead to the “dollarization” of the local economy.
According to a Monday report from the Indian branch of the Economic Times — which cited unnamed sources — the RBI’s concerns are focused on U.S. dollar-dominated cryptocurrencies taking away market share from the Indian rupee.
ការបោះពុម្ភផ្សាយ កំណត់ចំណាំ that RBI officials, along with its governor Shaktikanta Das, provided a briefing to the Parliamentary Standing Committee on Finance this week. In it, they took a very skeptical stance toward crypto’s potential influence on the financial system. An unnamed official is quoted as saying:
"ស្ទើរតែរាល់រូបិយប័ណ្ណគ្រីបតូទាំងអស់គឺជាប្រាក់ដុល្លារ និងចេញដោយអង្គភាពឯកជនបរទេស វាអាចនាំឱ្យក្លាយជាដុល្លារនៃផ្នែកមួយនៃសេដ្ឋកិច្ចរបស់យើងដែលនឹងប្រឆាំងនឹងផលប្រយោជន៍អធិបតេយ្យភាពរបស់ប្រទេស។"
ពួកគេបានបន្ថែមថា "វា [គ្រីបតូ] នឹងធ្វើឱ្យខូចសមត្ថភាពរបស់ RBI យ៉ាងធ្ងន់ធ្ងរក្នុងការកំណត់គោលនយោបាយរូបិយវត្ថុ និងគ្រប់គ្រងប្រព័ន្ធរូបិយវត្ថុរបស់ប្រទេស"។
The RBI was said to have been particularly irked by the notion of crypto being used in cross-border transfers instead of the rupee, while the common anti-crypto tropes of terror financing, money laundering and drug trafficking were also highlighted again.
This is the second time this month that the RBI has expressed anti-crypto action, with នាយកប្រតិបត្តិ Coinbase លោក Brian Armstrong suggesting last week that the exchange’s abrupt stoppage of its United Payments Interface (UPI) in India was due to pressure from the RBI.
“So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India (RBI), which is kind of the Treasury equivalent there,” he said, adding that they basically applying “soft pressure behind the scenes to try to disable some of these payments which might be going through UPI.”
ដែលទាក់ទង: រដ្ឋមន្ត្រីឥណ្ឌាចង់បានច្បាប់គ្រីបតូជាសកល ដើម្បីកាត់បន្ថយហានិភ័យនៃការលាងលុយកខ្វក់
It appears that the Indian government is also not looking favorably on digital assets of late, and has instead taken a relatively stifling approach to crypto since outlining intentions to regulate the sector នៅខែធ្នូ។
On April 1, the government implemented a ពន្ធគ្រីប ២០% on digital asset holdings and transfers, along with several other stringent taxation guidelines that were based on gambling and lottery ticket win tax rules. In the following ten or so days after the laws went into effect, trading volume on top Indian crypto exchanges declined as much as 70%.
Source: https://cointelegraph.com/news/rbi-warns-of-crypto-dollarization-of-indian-economy