The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, reiterated the central bank’s stance on cryptocurrencies by saying they are similar to gambling.
According to the Governor, there must be some underlying value for any asset and financial instrument, but there is none for cryptocurrencies.
Shaktikanta Das further expressed that price volatility is based on the fantasy concept where a specific cryptocurrency’s price might go up or down.
He said that if cryptocurrency transactions are allowed in the country, the central bank will also lose control over a sizable percentage of the economy’s money supply because most trade is conducted in dollars.
In December, the Reserve Bank of India launched a pilot test for an official digital rupee.
Technology needs to be supported but crypto should be banned. Crypto is gambling, in India we don't allow gambling.
RBI Governor, Shri Shaktikanta Das at Business Today Banking and Economy Summit pic.twitter.com/UR4UikQ11Y
