https://sputniknews.in/20221221/indias-reserve-bank-governor-predicts-cause-of-next-financial-crisis-180580.html
India's Reserve Bank Governor Predicts Cause of Next Financial Crisis
India's Reserve Bank Governor Predicts Cause of Next Financial Crisis
Sputnik India
Reserve Bank of India governor Shaktikanta Das on Wednesday warned that the next financial crisis will come from private cryptocurrencies.
2022-12-21T15:52+0530
2022-12-21T15:52+0530
2022-12-21T15:52+0530
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Reserve Bank of India Governor Shaktikanta Das on Wednesday warned that the next financial crisis will result from private cryptocurrencies. In this regard, the Central Bank chief called for a ban on “borderless” assets that lack “underlying value.” Cryptocurrency owners "want to bypass and beat the system," Das emphasized.Why Is India Concerned About Cryptocurrencies?New Delhi has a firm opinion that the proliferation of cryptocurrency assets poses serious dangers in terms of money laundering and terrorism financing.India's Prime Minister Narendra Modi emphasized the need for a collaborative approach against private cryptocurrencies, including during his speech at the G20 summit in Bali.The Indian government believes that any legislation on the matter would be effective only if states come together on an international level to evaluate the risks and benefits of private cryptocurrencies and work out common standards.As such, the task of developing standard operating procedures for cryptocurrencies is on top of India's agenda for its G20 presidency in 2023.
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India's Reserve Bank Governor Predicts Cause of Next Financial Crisis
The Indian bank official stressed the need for a Central Bank of Digital Currency (CBDC), as it needs no “intermediaries.”
Reserve Bank of India Governor Shaktikanta Das on Wednesday warned that the next financial crisis will result from private cryptocurrencies.
In this regard, the Central Bank chief called for a ban on “borderless” assets that lack “underlying value.”
"Cryptocurrency has certain huge inherent risks for our macroeconomic and financial stability, and we have been pointing it out. After looking at the latest episode of FTX, I don't think we need to say any more," the RBI governor said.
Cryptocurrency owners "want to bypass and beat the system," Das emphasized.
“Logistics-wise, CBDC will be much faster, and it is a currency in itself,” Das underlined.
Why Is India Concerned About Cryptocurrencies?
New Delhi has a firm opinion that the proliferation of cryptocurrency assets poses serious dangers in terms of
money laundering and terrorism financing.
India's Prime Minister Narendra Modi emphasized the need for a collaborative approach against private cryptocurrencies, including during his speech at the G20 summit in Bali.
The Indian government believes that any legislation on the matter would be effective only if states come together on an international level to evaluate the risks and benefits of private cryptocurrencies and work out common standards.
As such, the task of developing standard operating procedures for cryptocurrencies is on top of India's agenda for its G20 presidency in 2023.
