- 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.
