The Central Bank President of This Country Has Waged War Against Cryptocurrencies!

India central bank governor, if allowed to grow cryptocurrencies warned it would cause the next financial crisis.

Reserve Bank of India Chairman Wants to Ban Cryptocurrencies

The head of the central bank of India said today that he is not against crypto, but that cryptocurrencies have no underlying basis and their use should be banned.

RBI President Shaktikanta DasSpeaking in a room full of banking executives and lawmakers, he said that cryptocurrency poses a great inherent risk to the country’s macroeconomic and stability.

“After the developments over the past year, including the final chapter surrounding FTX, I don’t think we need to say anything more. Time has proven what crypto is worth today,” he said.

Das said that crypto owes its origin to the idea that it bypasses or corrupts the current financial system.

“They don’t believe in the central bank, they don’t believe in a regulated financial world. I have yet to hear a good argument for what public purpose it serves,” he said, adding that he is of the opinion that crypto should be banned.

“It should be banned because take note of my words that if it is allowed to grow, the next financial crisis will come from cryptocurrencies,” he said.

India is among the countries that take a strict approach to handling cryptocurrencies. Earlier this year, it began taxing virtual currencies, imposing a 30% tax on earnings and a 1% deduction on each crypto transaction.

The world’s largest crypto exchange BinanceFounder and CEO of Changpeng “CZ” Zhaosaid in a recent interview with TechCrunch that the firm does not see India as a “very crypto-friendly environment.”

*Not investment advice.