RBI warns of economic collapse brought on by crypto

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Updated December 22, 2022 | Published December 22, 2022

2 mins read

The governor of the Reserve Bank of India has warned that cryptocurrencies could set in motion a financial disaster that could tank the economy.

India’s central bank, the Reserve Bank of India (RBI), has issued a dire warning about the future of the economy if cryptocurrencies are not banned.

Governor Shaktikanta Das spoke of serious consequences for the industry unless cryptocurrencies are completely eliminated from the economy.

“Mark my words, the next financial crisis will come from private cryptocurrency. They have no underlying value, and they have huge inherent risks for our macroeconomic and financial stability”, he said.

Das added that he is yet to hear credible evidence about the perceived “public good” that cryptocurrencies – private or otherwise – bring to the economy.

In the meantime, RBI itself launched a pilot test to launch a central bank digital currency. Since India holds the G20 presidency, the country is also in a position to influence a global agenda on addressing cryptocurrencies in terms of regulations.

Not everyone is as gung-ho on cryptocurrencies in India though as India finance minister Irmala Sitharaman previously said in November that cryptocurrency regulation should become an international priority.

The RBI and its officials have been one of the more belligerent groups in the country insofar as cryptocurrencies are concerned.

In the meantime, the crypto world has been going through a series of challenges with the collapse of FTX, one of the world’s largest cryptocurrency exchanges, which was found to have amassed billions of liabilities against nominal liquidity.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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