Following the collapse of Terra’s UST and LUNA, RBI governor Shaktikanta Das noted in a local media interview that the central bank has been right to warn against cryptocurrencies.
On Monday, Das told CNBC TV18 that if cryptocurrency had been regulated in India before the recent crisis involving the Terra ecosystem, investors would have questioned the law’s usefulness.
While the Indian government confirms that crypto will not be entirely under ban, the central bank has advocated for a ban on several occasions.
“This [crypto] is something whose underlying [value] is nothing.”
“There are big questions on how do you regulate it.”
“Our position remains very clear, it will seriously undermine the monetary, financial,”
” and macroeconomic stability of India,”
So, the governor says
The RBI and the government are “in sync” on crypto regulation, according to Das, because the government is “equally concerned.”
“We have conveyed our position to the government and they will take a considered call,”
Then, he concludes.
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