RBI Governor Warns About Next Financial Crisis

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.

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

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

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

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

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

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