Polkadot gains 15.6%; XRP jumps 10.8%; RBI governor weighs concern on cryptos

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Polkadot made a huge comeback, by registering the highest gain of 15.68% to $32.00 and has become the ninth largest cryptocurrency in the world. With this, yesterday’s new comer in the top 10 Hex has been vanquished into thin air. Similarly, XRP also surged by 10.82% to $1.22. Seven out of the top ten cryptocurrencies were trading in green on September 10, with the exception of Solana, Tether and USD coin. Solana had the highest decline of 9.29%. The world’s biggest and the oldest cryptocurrency Bitcoin gained by 1.94% to $46,924.76-levels on Friday, while Ethereum the second-largest virtual token inclined by 0.55% to $3,503.58.

Cryptocurrency prices

*All prices as of 10th September 2021, at 7:33 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 73.58

RBI governor wary on the financial stability of cryptocurrencies

Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday, said that the central bank has been seriously concerned about the financial stability of cryptocurrencies. He has also conveyed the same to the government and is up to them to take calls.

While speaking at an event yesterday, he said that there has to be clarity on cryptocurrency’s contribution to the economy.

This is not the first time that Das has voiced his concerns about cryptocurrencies. Back on June 4th, he had reiterated his critical stance on cryptos. Also, with regards to advice to investors, he said that the central bank does not provide investment advice and is up to individual investor’s own due diligence and take a call accordingly.

The latest comments come on the back of advanced stages of finalising a national regulation on private cryptocurrencies.

While the central bank has been critical of private cryptocurrencies, however, it has been in favour of bringing out a digital currency. By the end of the year, the RBI may announce some decisions as it is presently working on this model.

According to data from crypto exchanges, approximately 1.5 crore Indians have invested in cryptocurrencies holding an amount of Rs 15,000 crore, as more and more people are starting to invest. Presently, there are 350 startups operating in the blockchain and crypto space.