Breaking: RBI Chief Reaffirms Crypto Ban and Warns Of Upcoming Financial Crisis

Crypto News: Indian watchdogs and the government have expressed concern about the use and implementation private digital assets in India. Authorities have already suggested a 30% tax on capital gains from crypto trading in India. The Indian Central Bank Governor has warned about the next financial crisis.
Chief of RBI warns of financial crisis
Shaktikanta Das (RBI Governor) spoke at the BFSI insight summit about the recent collapse of the crypto industry and the developments in the future. He warned of a possible financial crisis in the future and said that it would be caused by private digital assets.


Das stated that he still believes the same thing about digital assets and that he wants them to be banned. He also stated that crypto has no underlying worth. Private digital assets pose a major risk to macroeconomic stability and financial stability.

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The Chief of RBI mentioned the recent declines in crypto markets, highlighting the major FTX crash. These episodes have been a major supporter for the Indian authorities’ opposition to crypto. Das said that any change in the price of any product is due to the market.
Crypto origin is to bypass system
The Chief of the RBI stated that cryptocurrency was created to bypass and destroy the system. Das claimed that he has yet to hear any convincing argument about the public benefit crypto provides. It is not clear. He deemed crypto speculative activity, and it should be banned.
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Coingape reported earlier that the RBI had launched the pilot phase for Central Bank Digital Currency, or Retail digital Rupee (CBDC), on December 1, 2022.


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