Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday reiterated his appeal for a complete ban on cryptocurrency. He said that cryptos are ‘nothing but gambling’ and their alleged ‘value is just an illusion.’ Taking forward its opposition to such currencies and to take an edge over other central banks, the RBI recently introduced e-coins. Has introduced its digital currency (Central Bank Digital Currency) in the form of Rupee (E-Rupi).
Need for a complete ban on crypto
Das reiterated the need for a complete ban on crypto in an event on Friday. He said that its proponents call it an asset or a financial product, but it has no inherent value and is not even a tulip. Its price reached the sky. People wanted to get tulips at any cost.
The governor said that every asset, every financial product must have some inherent value, but there is no inherent value in the case of crypto. Not even a tulip and the increase in the market value of crypto is just an illusion. He said that to put it very clearly, it is gambling. Das stressed that we do not allow gambling in our country, and if you want to allow gambling, consider it as gambling and set gambling rules, but crypto is not a financial product.