Chief of India’s Central Bank: If cryptocurrencies are not outlawed, the next financial crisis will result

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The Reserve Bank of India (RBI) governor has warned that cryptocurrencies like bitcoin and ether will be the cause of the next financial crisis.

Cryptocurrencies, according to the head of the central bank, represent “great inherent dangers” to the macroeconomic and financial stability of India.

Crypto Could Lead to the Next Financial Crisis, Warns Indian Central Bank

Shaktikanta Das, Governor of the Reserve Bank of India (RBI), issued a warning on the peril of cryptocurrencies on Wednesday.

Das emphasised that cryptocurrencies are “speculative” and ought to be outlawed, underlining that the RBI is primarily concerned about them having no underlying value.

The fact that it is entirely theoretical does not change my opinion that it should be illegal. Because, if it is allowed to grow—if you attempt to regulate it while allowing it to grow—please take note: private cryptocurrencies will be the cause of the next financial disaster.

India is attempting to introduce its own central bank digital currency in the meanwhile (CBDC)

According to Rabi Sankar, the digital currency issued by the central bank of India can perform any function offered by cryptocurrencies.

The nation’s cryptocurrency policy is a project for the Indian government as well.

In the meantime, India’s finance minister, Nirmala Sitharaman, has revealed that the country intends to debate crypto legislation with the G20 nations in order to create a framework for digital assets that is driven by technology.

She and Janet Yellen, the secretary of the US Treasury, spoke about cryptocurrency regulation at the ninth India-US Economic and Financial Partnership meeting last month.

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