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Former deputy governor raises concerns over cryptocurrencies, BJP MP demands ban – Former deputy governor raises concerns over cryptocurrencies bjp mp demands ban

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Former deputy governor raises concerns over cryptocurrencies, BJP MP demands ban – Former deputy governor raises concerns over cryptocurrencies bjp mp demands ban

Mumbai, Nov 17 (PTI) The central bank’s biggest concerns regarding cryptocurrencies are black money laundering and valuation ambiguity, former Reserve Bank of India deputy governor NS Viswanathan said.

Viswanathan told the 8th SBI Banking and Economic Conference on Wednesday that if the government recognizes cryptocurrencies, then bankers will have to be very careful about it and they should avoid assessing the wealth of any person on the basis of the crypto assets held by him. Will have to do

RBI Governor Shaktikanta Das has been consistently raising concerns about cryptocurrencies. He says that there are deep concerns attached to this which can threaten the economic and financial stability of the country. The government is also considering bringing a bill in this regard in the winter session of Parliament.

Viswanathan said that central banks around the world are concerned about cryptocurrencies. “The central bank’s concerns are basically two areas. First, cryptocurrencies are being perceived as a potential means of laundering black money. The second concern concerns the valuation of this currency,” he said.

The former deputy governor said that cryptocurrencies should not be viewed as a non-material currency. He said that not much is known about the aspects that determine the value of this virtual currency.

Meanwhile, ruling Bharatiya Janata Party (BJP) MP Nishikant Dubey at the Center has demanded a ban on cryptocurrencies. In a letter to Prime Minister Narendra Modi, he said that cryptocurrencies can be used for illegal activities like drug and human trafficking, so it would be appropriate to ban it.

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Dubey has said that cryptocurrencies will have to be kept completely out of India’s banking network and for this there will be a complete ban on its trading and investment. He requested the Prime Minister to take steps in this direction.

The Finance Affairs Committee of the Parliament on Monday discussed all aspects related to cryptocurrencies. BJP MP Jayant Sinha is the chairman of this committee.

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