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BFSI insight Summit, Shaktikanta Das, RBI Governor talked about the recent collapse and developments in the crypto industry. However, he warned of the next possible financial crisis and mentioned that it will come from private digital assets.
Das further asserted that he still holds the same view regarding that digital assets and wants them to be prohibited. Meanwhile, he also added that the crypto has no underlying value. Private Digital assets are major risks for macroeconomic and Financial Stability.
RBI Chief mentioned the recent decline in the crypto market highlighting the major FTX collapse. These episodes have proved to be a major supporter of the Indian authorities’ stand against crypto. However, Das stated that a change in the value of any product is a function of the market.
Crypto origin is to bypass system
RBI Chief stated that the origin of cryptocurrency is to bypass and break the system. Meanwhile, Das argued that he is yet to hear any credible argument of what public good crypto serves. There is no clarity about it.
