Threat Posed By Cryptos Justifies Harsh Measures By Govt, Says RBI Governor; Bitcoin Falls

Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated on Thursday that cryptocurrencies are a clear danger to the country, adding that anything whose value is derived solely from conjecture and has no foundation is merely speculation.

He cited the RBI’s 25th Financial Stability Report (FSR) which also mentioned that the growing threat posed by cryptocurrency justified the harsh measures from the government.

The central bank identified a number of risks related to the cryptocurrency asset markets, including connections between such markets and the regulated banking system. “Identification and quantification of risks posed by crypto-assets face data gap challenges,” the RBI has said.

In other news, cryptocurrency exchange Coinbase Global Inc. has redoubled its efforts to expand into Europe, and is currently registering in countries, such as Italy, Spain, France, and the Netherlands, reported Bloomberg News.

According to Nana Murugesan, Coinbase’s vice president of international business development, “the objective is to have retail and institutional products in all of these areas.”

Murugesan said the company has already obtained registration in the UK, Ireland, and Germany, and recently employed its first employee there.

Moreover, non-fungible token (NFT) artist Molly Dickson has made the decision to take action as soon as the US Supreme Court’s leaked original draught majority opinion to overrule Roe v. Wade precedents was published on May 2. She produced a 10,000-piece NFT collection in order to generate money for US abortion rights organisations, Blockworks reported.

After the NFTs are fully minted, COWGIRLDAO, a philanthropic division of Computer COWGIRLs that Dickson founded, will give a total of $3 million in NFT sales in partnership with Blockchain-based non-profit endowment.

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 4.45 per cent in the last 24 hours, and it was trading at $19,067.83 at 5:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.63 per cent, up by 0.08 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,019.44, down by 8.78 per cent, while Binance Coin (BNB) was down by 4.76 per cent in the last 24 hours, and it was trading at $208.03. Solana (SOL) was down by 9.95 per cent to $31.52, while Cardano (ADA) was down by 6.40 per cent to $0.4394.

Meme Coins

Dogecoin was trading at $0.06308 at 5:00 pm IST, down by 3.50 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was down by 0.55 per cent, and it was trading at $0.000009732. Samoyedcoin was down by 12.28 per cent, and it was trading at $0.006581, while Dogelon Mars was down by 3.71 per cent, and it was trading at $0.0000003016.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $853.49 billion, a decrease of 4.76 per cent in the last 24 hours, while the total crypto market volume was $65.20 billion, an increase of 5.71 per cent.