Governor of the Reserve Bank of India calls for a Ban on Crypto

Hey Peeps!

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), recently spoke at the Business Today Banking and Economy Summit in Mumbai, India and had some extremely harsh words for Crypto.

He came out and flat out said that the "RBI’s position on crypto is very clear – it should be banned”.

The Governor says that allowing cryptocurrency trade to continue will slowly undermine the authority of the central bank, reduce its ability to decide the monetary policy, and steer the economy.

“Cryptocurrencies have… huge inherent risks for our macroeconomic and financial stability. It is a hundred percent speculative activity, and I would still hold the view that it should be prohibited … because, if it is allowed to grow, if you try to regulate it and allow it to grow, please mark my words, the next financial crisis will come from private cryptocurrencies." - Shaktikanta Das, governor of the Reserve Bank of India

The RBI Governor believes that there is no underlying value to cryptocurrency and that it is "masquerading as a financial product".

Das even went on to call cryptocurrency gambling and "dependent entirely on make believe".

Here is a video of Shaktikanta Das speaking at the Business Today Banking and Economy Summit:

https://www.indiatoday.in/business/video/expect-68-gdp-growth-this-fiscal-rbi-governor-shaktikanta-das-2321330-2023-01-13

This is not the type of news and comments I like to read about but I still felt the need to report it.

Hopefully, this is just one man who has these opinions regarding Crypto in India, however it sounds like the whole Reserve Bank of India is behind him.

Only time will tell what comes of this.

What is your reaction to these comments by an influential government figure in India?

Do you think we could actually see India ban all crypto?

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See ya!

:)