The Reserve Bank of India (RBI) Governor, Shaktikanta Das, has once again reiterated his stand calling for the ban of cryptocurrencies on the grounds that they are speculative and similar to gambling.
According to Das, the RBI’s stance on crypto remains the same, stating that they cannot be considered as a financial product and should be treated like gambling activities, India Today reported on January 13.
“Anything whose valuation is dependent entirely on make-believe is nothing but 100 percent speculation, or to put it bluntly, it is gambling. <…> In our country, we don’t allow gambling. If you want to allow gambling, treat it as gambling and lay down the rules. <…> Cryptocurrency masquerading as a financial product or a financial asset is a completely misplaced argument,” he said.
The threat posed by crypto
Das argued that the threat posed by crypto on the financial sector is due to the lack of underlying value while warning that allowing digital asset
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