RBI Governor Next Financial Crisis Will Come from Private Cryptocurrencies?

Reserve Bank Governor Shaktikanta das on Wednesday called for the ban of Bitcoin instruments.

Das was staunchly against such instruments, and the RBI has reached the Supreme Court with its contention.

He said that Cryptocurrencies… pose huge risks to macroeconomic stability and financial stability (perspective), and he spoke at an event organized by the Business Standard.

The RBI Governor stated that recent developments, including the latest crash at cryptocurrency exchange FTX (which is known as one of the largest financial frauds in American history), illustrate the danger posed by such instruments.

“After all these,” Das stated, adding that the private cryptocurrency’s valuation has fallen from $190 billion (roughly Rs. 15,73,300 crore to $140 billion (roughly R. 11,59,330 crore), and there is no underlying price for the market-determined value.

He said, “It’s a 100% speculative activity and I would still believe that it should not be permitted… If you try to regulate and allow it grow, please mark mine words, the next financial crises will come from private cryptocurrency.”

While he acknowledged that there are different positions in different jurisdictions, the RBI would prefer to keep its position of banning them entirely.

Das stated that private cryptocurrencies are the result of people who wanted to “break” the system and didn’t believe in the fiat currencies created by central banks. He also said that they don’t believe in a regulated financial system.

Das stated that “they want to bypass the system” and added that he has yet to find any convincing argument to support the public benefit of private cryptocurrencies.

Is India’s crypto tax going to hurt? This is what we discuss on Orbital and the Gadgets 360 podcast. Orbital can be found on Spotify, Gaana and JioSaavn.

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