Indian Central Bank calls for total ban on cryptocurrencies

The leadership of the Reserve Bank of India believes that the crypto market cannot be legalized, since the definition of “cryptocurrency” is very vague and all digital coins are analogous to gambling. The Chairman of the Board of the Indian Central Bank (Reserve Bank of India), Shaktikanta Das, at The Bussiness Today event outlined the position of the regulator, saying that all trading in cryptocurrencies should be completely banned. Shaktikanta Das has repeatedly stated that there is no good reason to recognize digital currencies: “Some people call it an asset, at the same time others consider it a financial product.. If so, then it must have something under it.. In the case of cryptocurrency, we have nothing.” The head of the Indian regulator clarified that the situation could lead RBI to a complete loss of control over the amount of money in the economy. The official cited data that 20% of transactions are in cryptocurrency and do not fall under the control of the central bank. All cryptocurrencies are extremely unreliable, and their value is too volatile: “Price volatility is based on a fictional concept where the price of a particular cryptocurrency can rise or fall. Well, everything that exists without any collateral, whose valuation is entirely based on fiction, is 100% speculation and can be directly called gambling. Despite the statements of the chairman of the central bank, the legal status of cryptocurrency in India remains uncertain, as in many other countries.