The Governor of the Reserve Bank of India said that any crypto not issued by a bank or government presents “huge” risks to macroeconomic and financial stability, and should be banned outright.
The governor of the Reserve Bank of India , Shaktikanta Das, did not mince his words when discussing the crypto sector at a recent conference, asserting that “private” crypto will be behind the next financial crisis.that private crypto — those which are not issued by banks or governments — are backed by nothing and are purely tools for speculation.
"They have no underlying value. They have huge inherent risks for our macro economic and financial stability. I am yet to hear any credible argument about what public good or what public purpose it serves," he said.Adding to those sentiments, Das went on to suggest that a full scale crypto ban in India would be the best approach moving forward:
“It [private cryptocurrency trade] 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.
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