What RBI Governor thinks of India’s Crypto obsession? Read here

New Delhi: Reserve Bank of India Governor Shaktikanta Das on Wednesday said that the numbers of Indians trading in cryptocurrencies looks highly exaggerated highlighting his concerns over virtual currencies.

RBI Governor went on to say that, cryptocurrencies are a very serious concern from a macroeconomic and financial stability point of view.

“In terms of the amount that has been invested it’s definitely growing and anecdotally we hear so many things,” he reportedly added

However, there is no official data available on cryptocurrency investors and holders in India but the industry shows an estimate of 6 lakh crore rupees ($80.5 billion) cumulatively have been invested by the people in India. The crypto craze has gone viral among the millennials in tier-2 and -3 cities.

As per reports, RBI Governor Das said that more than 70% of investors from India have not invested more than Rs 3,000 per head in cryptocurrencies.

Recently, the total value of all cryptocurrency assets globally crossed $3 trillion.

As per ET, In the last few months, Indians investment in the virtual coins went on to hit the $10 billion mark and right now around 10.5 crore or 7.9 per cent of Indians have already invested in the crypto and that too India exchanges, says the data compiled by CREBACO, a research firm.

It is important to note that the cryptocurrency craze in India is on the rise due to a lack of regulations. The RBI governor has said that the government is actively considering recommendations made in a report by a high-level panel headed by former economic affairs secretary Subhash Chandra Garg.

The government of India is reportedly expected to table the draft bill over-regulating virtual currencies in the budget session of parliament in February.