The Reserve Bank of India (RBI) released its annual report. The report mentions that although digital currencies may not currently pose systemic risks, their price bubbles have caused serious concerns about consumer and investor protection and market integrity. The report also discusses how digital currencies change the economic system and the need to regulate such transactions. The report takes a slightly bearish stance, stating that storing virtual currency in digital or electronic media may make them vulnerable to “hacking” and “operational risk”. In summary, the report pointed out that India needs to study the cryptocurrency carefully.
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