• India’s Central Bank Governor, Shaktikanta Das, warns about the risks cryptocurrencies pose to the financial system.
• The RBI Governor emphasizes that the worst of inflation is behind us and Indian economy remains resilient.
• Das has repeatedly warned about crypto risks and believes it undermines the RBI’s capacity to regulate the country’s monetary system.
RBI Governor Warns About Crypto Risks
The governor of India’s central bank, the Reserve Bank of India (RBI), has warned about the risks cryptocurrencies pose to the financial system while commenting on recent U.S. banking turmoil at a lecture on Friday. RBI Governor Shaktikanta Das said: Ongoing U.S. banking crisis drives home the importance of robust regulators, sustainable growth and clearly shows risks of private cryptocurrencies to the financial system.
Indian Economy Remains Resilient
Das stressed that the U.S banking crisis demonstrates „the need for prudent asset liability management“ while emphasizing that „the worst of inflation is behind us“ and that „the Indian economy remains resilient.“
Crypto Threatens Monetary System Regulation
According to Das, cryptocurrency not only poses a significant threat to India’s macroeconomic and financial stability but also seriously undermines the RBI’s capacity to determine monetary policy and regulate its monetary system.
U.S Banking Crisis Demonstrates Crypto Risks
The governor added that recent collapses in several banks in the U.S., such as Signature Bank, Silicon Valley Bank, and Silvergate Bank demonstrate „the risks of private cryptocurrencies to the financial system.“ Some believe these regulatory actions are related to cryptocurrency but regulators have insisted they are unrelated to crypto exchanges or businesses accepting digital currencies as payment methods.
In conclusion, RBI Governor Shaktikanta Das‘ warnings demonstrate that there are potential risks associated with cryptocurrency which could undermine India’s macroeconomic security if not monitored properly by regulators and policymakers alike.
• Thai Government is granting tax waivers to companies that issue digital tokens for investment.
• The government expects to lose over $1 billion in tax revenue due to the waiver.
• Regulations have been put in place by the Thai Securities and Exchange Commission to protect digital asset users.
Tax Waivers for Digital Token Issuers
Thailand’s government has said companies that issue digital tokens will receive a waiver that exempts them from paying corporate and value-added taxes. As a result of the waiver, the Thai government anticipates losing just over $1 billion in tax revenue.
Relaxation of Tax Rules for Investments in Digital Assets
The relaxation of tax rules for investments in digital assets enables traders to offset annual losses against gains for taxes due on cryptocurrency investments, as well as exempting a value-added tax of 7% for cryptocurrency trading on authorized exchanges.
Protecting Digital Asset Users
Besides preserving the stability of the country’s financial system, new regulations have also been put in place by the Thai Securities and Exchange Commission which oblige crypto companies to inform potential customers of the investment risks in their advertisements, as well as requiring entities offering crypto custody services to have mechanisms that guarantee efficient custody of digital assets and keys.
The Thai government’s decision to grant tax waivers to businesses issuing digital tokens is an effort to promote and develop Thailand’s cryptocurrency industry, while also protecting users from any potential risks associated with such investments.
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• CoinEx Charity has been funding children in poor areas, bringing them back to school to continue their education.
• The Human Development Foundation (HDF) recently released a report thanking CoinEx Charity for its contributions and illustrating how the funds were used.
• HDF noted that the students at the Mercy Centre are learning, thriving and will be back in new classes after the Songkran holidays.
CoinEx Charity Empowers Children’s Education Through Charitable Giving
CoinEx Charity is a non-profit organization dedicated to helping children in poor areas get access to education. Since 2022, they have provided funds to help over 20,000 children go back to school through their Mercy Children’s Educational Welfare Program. Recently, they received a report from the Human Development Foundation (HDF), located in Klong Toey – Bangkok’s largest slum community- thanking them for their generous donations and illustrating how these funds have been used.
How Funds Have Been Used
The funds donated by CoinEx Charity have been used to purchase school uniforms, shoes, books, stationary and other essential items for the children living at HDF’s Mercy Centre as well as pay school fees for them. These opportunities afforded by education helps these kids break out of poverty and give them knowledge and capabilities to assist in getting skilled jobs when they grow older.
Success Of This School Year
This February marks the end of this academic year and students will soon graduate or move up to the next grade level. According to HDF’s report, this year was successful with students learning well and having fun with each other while playing around too! They also express gratitude towards CoinEx Charity for providing daily teaching supplies for the children at Mercy Centre which made it easier for them during their studies.
About HDF & Mercy Centre
HDF is a non-profit charitable foundation focused on helping poor communities where it currently houses 100 children more than 20 of whom were born with HIV/AIDS. Through its efforts on providing protection, care and appropriate education for these kids along with assistance from CoinEx Charity they are preparing themselves for better future opportunities ahead of them while being surrounded with love & warmth throughout their journey of growth into adulthoods .
The Human Development Foundation (HDF) expresses its great appreciation towards CoinEx charity’s generous donations which helped many kids at HDF’s Mercy Centre receive higher quality education & better opportunities ahead of them breaking away from poverty cycle . Alongside that , it also thanked CoinEx charity for providing necessary teaching supplies which made it easier during their studies throughout this academic year .