India’s stance on cryptocurrencies has not always been very accommodative, and Reserve Bank of India Governor Shaktikanta Das made it clear again on Monday, May 23. The RBI governor said the central bank had long warned against crypto and now it has crashed.
Shaktikanta Das said people would have been asking questions after the cryptocurrency market crash had the RBI regulated the digital assets by now. “We have warned against crypto and are looking at what has happened to the crypto market now. If we had already regulated it, people would have been asking questions about what happened to the regulation,” Das told CNBC TV18 in an exclusive interview — his first after a mid-cycle repo rate hike.
“This is something whose underlying (value) is nothing. There are big questions about how to arrange it. Our position remains very clear, it will seriously undermine the monetary, financial and macroeconomic stability of India,” added the RBI governor.
He also said he believes the Center appears to be consistent with the central bank’s stance on cryptocurrencies that they have no underlying asset.
“We have communicated our position to the government and they will make an informed decision. I think the government’s expressions and statements are more or less synchronized. They are also equally concerned,” said Das.
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