The Indian government has displayed antipathy and opposition towards cryptocurrency for a long time and Indian central bank governor Shaktikanta Das had stated earlier that he wants crypto to be banned.
The reason behind this antagonism is that Das believed that if crypto was allowed to flourish in a country like India, which happens to be plagued with financial ill-practices, it could disrupt and hamper the traditional financial system.
Very recently, speaking at the BFSI Insight Summit 2022, Shaktikanta Das said that the private digital asset market can cause a potential local financial crisis. He also referred to the recent colossal fall of FTX, the crypto exchange, as proof of the industry’s “inherent risks.”
Das proceeded to say:
Unlike any other product, our main concern about crypto is that it doesn’t have any underlying (value) whatsoever.
As the Indian government readies itself to bring regulations for digital assets in place, these words by the Governor of the Indian
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