Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), claims ‘private’ cryptocurrencies will cause the next financial crisis and should be banned, although he approves of CBDCs.
Mr. Das points to the FTX collapse as a key example of why only centralized banking services should be allowed to operate.
At the Business Standard BFSI Standard Summit on Wednesday, Shaktikanta Das announced his disapproval of all ‘private’ cryptocurrencies, whilst claiming that CBDCs are the legitimate way forward for the industry.
“Please, mark my words, the next financial crisis will come from private cryptocurrencies…
They have no underlying value. They have huge inherent risks for our macroeconomic and financial stability. I am yet to hear any credible argument about what public good or what public purpose it serves.”
This seemingly harsh stance looks inspired by the recent collapse of FTX along with other insolvencies and hacks. Das cited it as enough of a reason to
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