Today, the head of the Central Bank of India issued a warning against trading cryptocurrencies, led by Bitcoin and Ether, stressing that they will affect global markets in the coming period and cause a global financial crisis.
Shaktikanta Das added, in his statements today, that the next financial crisis will occur as a result of continuing to trade private cryptocurrencies such as Bitcoin, if these assets are allowed to grow.
“Cryptocurrencies carry huge inherent risks to our macroeconomic and financial stability,” Das was quoted as saying by CNBC.
He pointed out that the recent collapse of FTX, which traded in cryptocurrency, was a good example of this crisis.
He pointed out that the crisis lies in the fact that these cryptocurrencies have no value in the first place, and that they are “speculative” in the markets that have a danger to the global financial markets.
The Indian Central Bank had announced the launch of a cryptocurrency, the “crypto rupee”, provided that its retail trading is limited to specific cities.
It is worth noting that the market value of cryptocurrency prices rose in Thursday’s trading, with a profit rate of 0.21%.
After days of a series of declines that dominated cryptocurrency prices, the currency market began to make slight gains, as it began to show signs of recovery.
Economic indicators revealed that the price of the encrypted electronic currency “Bitcoin” reached $16,853 today, Thursday, in light of the fact that the currency did not exceed $17,000 during the last period.
It comes as the cryptocurrency market in global markets briefly rose above this number ahead of Wednesday’s US consumer confidence report, on international exchanges such as Binance and CoinMarketCap as well.