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June 29
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Cryptocurrency can lead to the “dollarization” of part of the Indian economy, which is not in the national interests of the countryб ыфшв leaders of the Reserve Bank of India (Central Bank) at a hearing in the Standing Committee on Finance of the Indian Parliament, TASS reports.

Almost all cryptocurrencies are denominated in dollars and issued by individuals. This may ultimately lead to instability and “dollarization” of part of our economy, which will be contrary to the national interests of the country, The Economic Times newspaper quoted the opinion of the leadership of the Central Bank on Monday.

The circulation of cryptocurrencies will seriously undermine the ability of the Central Bank to determine the monetary policy and regulate the monetary policy of India, as the digital currency has the potential to replace the rupee in financial transactions both domestically and abroad, bank representatives noted.

 

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