RBI Governor Shaktikanta Das has warned that the crypto market may crash and small investors will lose money. cryptocurrency bitcoin $BTC
He added that the central bank believes that its warnings have deterred many people from investing in cryptocurrencies.The governor of the Indian central bank, the Reserve Bank of India , Shaktikanta Das, warned about investing in cryptocurrency in an interview with ET Now earlier this week.
Noting that the RBI has cautioned investors on several occasions about the risks of investing in crypto, Das said: “I’m happy that we sounded those warning signals and I would like to believe that a large number of people would have taken a note of the warning signals and the concerns expressed by the Reserve Bank.” He added:
I would like to believe … that many people did not invest in crypto or sort of pulled out of crypto thanks to the cautions and concerns that emanated out of the Reserve Bank. “Crypto, you know, we have said it earlier, it can create a lot of financial instability in terms of the ability of the central bank to determine monetary policy,” the RBI governor continued. “It will also have an adverse impact on our exchange rate, on capital flows, on banking sector stability.”
Furthermore, Das cautioned that cryptocurrency has the “potential for being used as a tool for money laundering and for illicit transfer of money.” He also reiterated his earlier statement: “In fact, I said at one point that it doesn’t have any underlying, not even a tulip.
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