Cryptocurrency News: No issue with cryptos in India if all laws are followed, says IT
Cryptocurrency News: No issue with cryptos in India if all laws are followed’, says IT Minister
Photo : IANS
India’s central bank governor said that cryptocurrency should be completely banned from the country and it can just be called ‘gambling’. “Just like every asset, every financial product comes with some underlying value, hence the value of crypto is totally based on the make-believe factor”, Das said.
The RBI Governor further stated that crypto is a form of gambling without any underlying value and is nothing but a 100% speculation world.
Das further warned that legalising cryptocurrencies will lead to more dollarization of the economy. He said that masquerading as a financial product or financial asset is a completely misplaced argument.
Worth mentioning, India has been trying to come up with norms for the crypto sector, with RBI repeatedly highlighting that cryptocurrencies, if legalised, could lead to massive financial crisis.
Industry experts believe the government will introduce additional measures in the upcoming Budget following continuous warnings by the central bank on risks associated with cryptos.
Das, sharing his views on CBDC said such fiat digital money is the future and central bank efforts are not motivated by a fear of missing out on the action created by the private cryptos.
Read More: Cryptocurrency News: No issue with cryptos in India if all laws are followed, says IT
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