Governor Shaktikanta Das said, “We don’t allow gambling in our country, and if you want to allow gambling, consider it gambling and set gambling rules… But crypto is not a financial product.”
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Reserve Bank of India (RBI) Governor Shaktikanta Das (Shaktikanta Das) on Friday reiterated its call for a total ban on cryptocurrencies. He said crypto is ‘nothing but gambling’ and their alleged ‘value is just an illusion’. He said gambling is not allowed in our country, set rules for gambling if you want… but crypto currency (Crypto currency) is not a financial product.”
Taking the opposition to such currency forward and taking an edge over other central banks, RBI has recently introduced its own digital currency (Central Bank Digital Currency) in the form of e-rupee.
A total ban on crypto is needed
Shaktikanta Das reiterated the need for a complete ban on crypto at a Business Today event in Mumbai on Friday. Its proponents call it an asset or financial product, but it has no intrinsic value and not even a tulip, he said.
Interestingly, at the turn of the last century, the demand for tulips skyrocketed and their prices skyrocketed. People wanted tulips at any cost.
Allow gambling in country first: Governor Shaktikanta
Governor Shaktikanta Das said, “Every asset, every financial product must have some intrinsic value, but in the case of crypto there is no intrinsic value… not even a tulip… and the rise in the market value of crypto is just a trick.” “To put it very clearly, it’s gambling,” he said.
“We don’t allow gambling in our country, and if you want to allow gambling, treat it as gambling and set gambling rules… But crypto is not a financial product,” Das emphasized.
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