RBI Governor Shaktikanta Das has made a new prediction, which can also be a warning for the whole world. The RBI governor has predicted that the next financial crisis will be caused by private cryptocurrencies.
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RBI Governor on Cryptocurrency: The whole world is talking about COVID and the financial crisis caused by it in China. On the other hand reserve Bank of India Governor Shaktikanta Das has made a new prediction, which can also be a warning for the whole world. The RBI governor has predicted that the next financial crisis will be caused by private cryptocurrencies. Let us also tell you what he has said further about this.
Risky for the Macroeconomy and Financial Stability
Speaking at a summit, RBI Governor Shaktikanta Das claimed that such private cryptocurrencies have no value and are risky for the macroeconomic and financial stability. The RBI governor said that there are some big risks for macroeconomic and financial stability in cryptocurrencies and we are repeatedly pointing this out. After watching the new episode of FTX, I don’t think we need to say any more.
so the next recession from cryptocurrencies
Governor Das further said that, unlike any other asset or any other product, our main concern about cryptocurrency is that there is no underline in it. This is 100% betting. Das reiterated that it is necessary to ban cryptocurrencies because if they are allowed to grow, “mark my words, the next financial crisis will come from private cryptocurrencies.
Talking about UPI and CBDC
The RBI governor further talked about the difference between UPI and CBDC. He also told about the importance of digital currency. The RBI governor emphasized that UPI is a payment system while CBDC is a currency in itself. Second, UPI involves the intermediation of banks but the CBDC is like a currency note. CBDC is cheap, while printed notes cost a lot. Apart from this, CBDC allows instant fund transfer between two countries. Das said, CBDC is the “future currency”.
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