India’s Central Bank Head: Cryptos Will Be the Source of Next Crisis
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Shaktikanta Das, head of the Reserve Bank of India (RBI), believes that in the absence of a ban, private digital currencies could trigger the next financial crisis.
He has expressed concern that instead of a ban, cryptocurrencies would receive regulation and continue to spread. He has continued to take the position that they pose a “huge threat” to macroeconomic and financial stability.
According to him:
“Digital assets have no underlying value. I have yet to hear a single convincing argument that they serve any public purpose or that they are a public good. This is 100% speculation.”
Das has also predicted an increase in the number of countries that are studying the introduction of national digital currencies (CBDCs).
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