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India Escapes Global Crypto Meltdown With RBI’s Cautious Approach

India fled the worldwide crypto crisis due to RBI’s cautious regulations.From $3 trillion in 2021, the total of crypto is below $1 trillion.RBI has strongly defied crypto...
India Escapes Global Crypto Meltdown With RBI’s Cautious Approach India Escapes Global Crypto Meltdown With RBI’s Cautious Approach
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  • India fled the worldwide crypto crisis due to RBI’s cautious regulations.
  • From $3 trillion in 2021, the total of crypto is below $1 trillion.
  • RBI has strongly defied crypto from the start though the government was unsure.

Most Indian investors have insulated themselves from the global crypto crisis that has reduced the value of all cryptocurrencies on the market. From $3 trillion in 2021, the total value of cryptocurrencies is less than $1 trillion today.

After a wave of customer withdrawals, this crisis even forced the Bahamas-based cryptocurrency exchange FTX into bankruptcy.

With billions of dollars lost on crypto exchanges worldwide, India was comparatively unaffected thanks to the RBI and the Indian government’s cautious regulations.

The RBI has warned investors about the risks of investing in crypto and against using them as a means of payment. The central bank also urged consumers to be cautious about digital coins, which are not backed by tangible assets.

Since its inception, the RBI has adamantly opposed digital currency, even though the government initially toyed with regulating such tools by implementing appropriate regulations.

However, the Indian government concluded that because virtual currencies are borderless and pose exceptionally high risks, there needs to be a worldwide agreement on their limitations.

According to the RBI, the fact that cryptocurrencies were explicitly designed to circumvent the regulated financial system should be sufficient justification for treating them with extreme caution.

It is important to remember that the Indian government has not endorsed cryptocurrencies as a viable means of payment, and there is a high chance that this will not change in the near future.

The scenario in the crypto market indicates that Indian investors are now shifting their focus to other altcoins.

Bitcoin, Ethereum, Ripple and Litecoin are some of the most popular cryptocurrencies in India.

The post India Escapes Global Crypto Meltdown With RBI’s Cautious Approach appeared first on Coin Edition.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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Moving Avg:

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

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AUD/USD

0.6469

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USD/CAD

1.3780

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EUR/JPY

168.32

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EUR/CHF

0.9808

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IBEX 35

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BASF SE NA O.N.

49.155

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27.35

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266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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Deutsche Bank AG

15.010

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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