Shaktikanta Das on Cryptocurrency Risks

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, isn’t holding back when it comes to sharing his thoughts on the wild world of cryptocurrency. At a recent summit, he stated that private cryptocurrencies, which lack backing from banks or governments, could be the harbingers of the next financial crisis. And honestly, if you’ve been following crypto news lately, we might want to take this warning seriously.

No Value, No Purpose

Das is not just spouting off; he’s making some pretty strong claims. He pointed out that private cryptos are essentially like a high-stakes game of poker where the chips are made of sand. According to him, “They have no underlying value. They are purely tools for speculation.” This isn’t just his opinion but a solid fear for macroeconomic and financial stability in India.

Prescription: A Ban on Private Crypto?

And what’s the prescription for this crypto conundrum? Das suggests going bold with a full-blown ban on private digital currencies in India. He referred to crypto trading as a “hundred percent speculative activity,