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Reserve Bank of India’s (RBI) Governor Shaktikanta Das on Monday has reaffirmed his negative stance on crypto. RBI had always raised concerns that cryptos will undermine the monetary, financial, and macroeconomic stability of India. In fact, investors and the government had been warned against cryptocurrencies, which have now crashed immensely.
In addition, RBI Governor hints at announcing an interest rate hike in the next monetary policy meetings in June.
“Crypto Lacks Value” – RBI Governor Shaktikanta Das
In an interview with CNBC-TV18 on May 23, RBI Governor Shaktikanta Das said investors were warned against volatility in the crypto market, which has now made several investors lose money.
“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.”
Furthermore, he thinks regulating cryptocurrencies is a difficult task as they have no underlying value. Recently, Indian Finance Minister Nirmala Sithraman also made a strong case for regulating cryptocurrencies at a global level to mitigate risks such as money laundering and terror financing.
