After reiterating the Reserve Bank of India’s (RBI) stance on cryptocurrencies last month, Governor Shaktikanta Das has in Thursday made a new comment. When the crypto market collapsed last month thanks to the Terra meltdown, Das made a similar statement.
Crypto Is ‘Clear Danger’
Investors were warned against volatility in crypto, he said at the time, when several investors lost money due to the crash. On Thursday, Das said cryptocurrencies are a dangerous territory to enter for investors due to their speculative nature.
The RBI Governor stated that the asset class is a ‘clear danger‘. He further said that we must be mindful of the emerging risks on the horizon.
“We must be mindful of the emerging risks on the horizon. Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation.”
He indicated that the speculation in crypto is going on “under a sophisticated name.”
