Reserve Bank of India (RBI) governor Shaktikanta Das called for a ban on crypto during a recent conference, according to a Jan. 13. report from India Today.
Das said that the central bank’s stance on cryptocurrency “is very clear – it should be banned.” He went on to state that cryptocurrency “does not have any underlying value” and that its value is based on “make-believe” and speculation.
“To put it bluntly, it is gambling,” Das concluded, adding that gambling is banned in India. His comments echo a similar comparison made by politician Bihar Sushil Kumar Modi last April. Though certain states in India allow for betting and lotteries, the practice is largely prohibited and there is widespread illegal gambling in the country.
Das also expressed concerns that permitting cryptocurrency could undermine the authority of the RBI, which acts as India’s central bank and monetary authority. Crypto could cause India to lose its control of the money supply, he warned.
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