RBI Governor Warns About Next Financial Crisis

December 21, 2022 Story: Divya Sinha

While speaking at the BFSI Insight Summit 2022, RBI Governor, Shaktikanta Das warned that the next financial crisis will occur due to private cryptocurrencies.

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Das also mentioned the FTX debacle and justifies his views about cryptocurrency.

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In addition to it, he said cryptocurrencies have no underlying value and pose risks to macroeconomic and financial stability.

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Furthermore, he also added that he still holds the view that cryptocurrencies should be prohibited.

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The RBI has long held the view that private cryptocurrencies threaten stability and resist justifying their use.

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Recently, India has launched its own Central Bank Digital Currency popularly knowns as the "Digital Rupee" which is backed by RBI.

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While speaking at the Summit, he also clarified the difference between UPI and CBDC.

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