Shaktikanta Das, governor of the Reserve Bank of India, made a significant announcement about cryptocurrencies on Wednesday. Private cryptocurrencies, according to him, may trigger a financial disaster. He has also described cryptocurrency as a form of gambling.
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Cryptocurrencies extremely dangerous for financial stability
The RBI Governor warned that cryptocurrencies are very hazardous to financial stability while speaking at the BFSI Summit. According to him, the value of cryptocurrencies is solely based on conjecture and lacks any substance.
According to the governor of the RBI, the macroeconomic and financial stability of the country may be significantly challenged.
It was anticipated that the government will present a bill to Parliament to control cryptocurrencies. However, the administration decided not to introduce this law. Recently, the administration was also questioned in Parliament about this. The administration responded by claiming that cryptocurrencies are a global problem. And limiting regulation to India will not be effective. To control it, the entire globe must act together.
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The value of crypto decreased
The governor of the RBI issued a warning that cryptocurrency will trigger the upcoming financial catastrophe. He added that the whole worth of cryptocurrencies has decreased to $140 billion. He added that investors worth $40 billion had lost everything.