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May 24, 2022
by Jafrin Ahmed
India's Central Bank Governor Reaffirms Stance Crypto Has No Underlying Value
As the cryptocurrency market continues to plummet, the governor of the Reserve Bank of India (RBI), Shaktikanta Das reaffirmed the central bank’s view that investors should avoid investing in cryptocurrencies.
"We have been cautioning against crypto and look at what has happened to the crypto market now. Had we been regulating it already, then people would have raised questions about what happened to regulations. Had we been regulating it already, then people would have raised questions about what happened to regulations,” Das told local media outlet CNBC-TV18.
Shaktiknta Das also said that he believes that the central bank maintains its stance on cryptocurrencies that they have no underlying value, with the governor saying that they compare to ‘not even a tulip’.
On being asked, how can they go about being regulated, Das also noted that it will undermine the monetary, financial and macroeconomic stability of India.
“There are big questions on how do you regulate it. Our position remains very clear, it will seriously undermine the monetary, financial and macroeconomic stability of India,” he added.
This is not the first time, an RBI official said that crypto would hurt the country’s interest. Earlier, top RBI officials told a parliamentary panel that crypto can lead to the ‘dollarisation’ of a part of India’s economy.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.