24/7 Cryptocurrency News

India’s Central Bank Governor Reiterates Caution On Crypto Risks

India's RBI Governor maintains caution on crypto risks, emphasizing an unaltered stance, while highlighting the nation's vision for CBDC.
Published by
India’s Central Bank Governor Reiterates Caution On Crypto Risks

In a steadfast stance against the rising global wave of cryptocurrency acceptance, Shaktikanta Das, the Reserve Bank of India (RBI) Governor, reiterated the central bank’s caution on crypto risks. Despite recent developments like the U.S. approving bitcoin ETFs, Das emphasized the potential hazards for both emerging and advanced economies, underscoring the difficulty of containment in the future. This comes as a reminder that India remains wary of the crypto craze, believing that these digital assets lack underlying value and pose threats to economic stability.

Advertisement

Indian Central Bank’s Crypto Stance Unchanged Despite Global Trends

RBI Governor Shaktikanta Das made it clear that the RBI’s position on cryptocurrencies remains unaltered, irrespective of international developments. Regarding the U.S. greenlighting Bitcoin ETFs, Das asserted while speaking at the Mint BFSI Summit, “Our position, my position, and the RBI’s position on this (cryptocurrencies) remains unchanged irrespective of who does what.”

In addition, he voiced apprehensions about the risks linked to embracing cryptocurrencies, highlighting the possible consequences for both emerging and advanced economies. Das confronted the cryptocurrency industry, expressing skepticism by stating that he believes the world and emerging markets cannot withstand a cryptocurrency frenzy comparable to the historical “Tulip mania”.

Drawing parallels to historical financial bubbles, he questioned the feasibility of effective regulation in this burgeoning industry. Referring to an International Monetary Fund (IMF) paper from October 2023, Das reiterated the need for countries to consider imposing additional restrictions on cryptocurrencies to ensure financial stability.

Also Read: Tron Founder Predicts China To Join The Crypto ETF Race

Advertisement

India’s Vision On Central Bank Digital Currency

While maintaining a cautious approach to cryptocurrencies, Governor Das shed light on India’s pursuit of central bank digital currencies (CBDCs). According to his recent interview, the RBI is actively exploring the expansion of wholesale CBDC and investigating programmable features in retail CBDC. Notably, this approach aims to empower senders to specify particular end uses for the digital currency.

The successful implementation contributed to the RBI’s target of achieving one million daily transactions by the end of 2023. Additionally, the RBI and the National Payments Council of India are in talks with several countries for the adoption of India’s Unified Payments Interface in cross-border transactions, reflecting India’s commitment to shaping the future of digital finance.

Meanwhile, India’s RBI stands resolute in its cautious approach to cryptocurrencies, emphasizing the need for a measured and strategic path forward in the rapidly evolving digital financial landscape.

Also Read: Orbit Chain Offers $8 Mln Bounty For Intel On Exploit

Advertisement

Share
Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown

Bitcoin has reached a new all-time high (ATH), extending its current rally, which began at…

October 6, 2025
  • Bitcoin News

Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally

Billionaire hedge fund manager, Paul Tudor Jones believes that there is a massive price gains…

October 6, 2025
  • 24/7 Cryptocurrency News

Robinhood Outage Reported by Users, HOOD Stock Drops

Crypto exchange Robinhood is currently experiencing an outage, with users reporting issues accessing their accounts.…

October 6, 2025
  • 24/7 Cryptocurrency News

Tom Lee’s BitMine Adds $820M Worth of Ethereum as ETH Rebounds

BitMine Immersion Technologies chaired by Fundstrat’s Thomas “Tom” Lee, has accumulated roughly $820 million in…

October 6, 2025
  • 24/7 Cryptocurrency News

Crypto Crime Hits $2.47 Billion in H1 2025, With Wallet Hacks on the Rise

The crypto industry has already lost more money in the first half of 2025 than…

October 6, 2025
  • Altcoin News

ASTER Token Rockets Over 10% in an Hour as Binance Announces Spot Listing

Crypto exchange Binance on Monday said it will list next-generation decentralized perpetual exchange Aster's crypto…

October 6, 2025