Economic Survey flags concerns on Crypto, pushes for global regulation

Survey said events such as collapse of crypto exchange FTX have put vulnerabilities of the sector in focus

Raghav AggarwalDebarghya Sanyal New Delhi
Instant app-based loan case: 8-9 crypto exchanges under ED scanner

This year’s Economic Survey is notable for its expansive discussion on cryptocurrency. The Survey, which presents a summary of the nation’s economic performance vis-à-vis major global and domestic financial trends, has for the first time presented a detailed analysis of the digital currency. The Survey also emphasised on the need of international collaboration to frame crypto regulations.

Commenting on the collapse of the crypto exchange FTX and the subsequent sell-off in the market, the survey said that these events have put the vulnerabilities of the sector in focus. FTX, which was once the third largest exchange in the world, filed for bankruptcy in November last year. Its co-founder Sam-Bankman Fried is being charged for fraud in the US. The government's document said that these digital assets do not “strictly pass” as financial assets because they have no intrinsic value. Moreover, their cross-sector and cross borde

Also Read

Budget 2023-24: Manufacturing sector eyes revised taxations, new PLIs

Union Budget 2023: Experts don't expect surprises in social sector outlay

Budget 2023: A look back at some major announcements in previous Budget

Crypto weekly wrap: Experts see Bitcoin at 19,600, Ethereum at 1,300 soon

Is it the beginning of crypto's end?

Crypto wrap: Market in green but Fed announcement to keep volatility high

India should consider reducing 1% TDS rate on cryptocurrency trade: Report

Crypto firms go out of business as cryptocurrency collapse continues

Signature Bank pulls back from crypto transactions below $100,000: Binance

US Crypto lending firm Genesis files for Chapter 11 bankruptcy protection

First Published: Jan 31 2023 | 6:40 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to