Breaking: RBI Chief Reaffirms Crypto Ban, Warns Of Upcoming Financial Crisis
Crypto News: The Indian government and watchdogs have been skeptical over the use and implementation of private digital assets in the nation. Authorities have already implied a 30% tax on the capital gains earned from crypto trading in India. However, the Indian Central Bank governor has issued a warning regarding the next financial crisis.
RBI Chief warns of a financial crisis
In the BFSI insight Summit, Shaktikanta Das, RBI Governor talked about the recent collapse and developments in the crypto industry. However, he warned of the next possible financial crisis and mentioned that it will come from private digital assets.
Das further asserted that he still holds the same view regarding that digital assets and wants them to be prohibited. Meanwhile, he also added that the crypto has no underlying value. Private Digital assets are major risks for macroeconomic and Financial Stability.
RBI Chief mentioned the recent decline in the crypto market highlighting the major FTX collapse. These episodes have proved to be a major supporter of the Indian authorities’ stand against crypto. However, Das stated that a change in the value of any product is a function of the market.
Crypto origin is to bypass the system
RBI Chief stated that the origin of cryptocurrency is to bypass and break the system. Meanwhile, Das argued that he is yet to hear any credible argument of what public good crypto serves. There is no clarity about it. He marked the crypto as speculative activity and it should be prohibited.
Earlier, Coingape reported that the RBI launched the pilot phase of Central Bank Digital Currency (CBDC)/ Retail digital Rupee on December 1, 2022. The watchdog will be testing the settlement of secondary market transactions.
Meanwhile, the Indian government has faced heavy criticism from citizens for imposing high taxes rate on retail crypto trade.
- Bitget US Stock Futures Trading Volume Surpasses $200 Million
- Binance Founder CZ Predicts Bitcoin Will Flip Gold’s $30 Trillion Market
- Trump Tariffs: U.S. President Threatens 155% Tariff on China, Bitcoin Falls
- Hassett Says Government Shutdown Could End This Week as Crypto Markets Brace for Inflation Data
- ‘Floki Is The CEO’: FLOKI Surges Over 20% After Elon Musk’s Name Drop
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
