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Crypto Ban: RBI Governor gave a big warning, crypto is the biggest bet

Crypto Ban: Reserve Bank of India (RBI) Governor Shaktikanta Das has warned against unregulated crypto. Das said that if private digital coins are allowed to grow unchecked, the next financial crisis will come from the crypto collapse. The RBI Governor was speaking at the BFSI Insight Summit 2022. Das reiterated his idea of ​​banning cryptocurrency. He said he still believes cryptocurrencies should be banned because they have no value and pose a risk to macroeconomic and global financial stability.

crypto is the biggest bet

Crypto or private cryptocurrency is a fashionable way of describing what is otherwise 100 per cent speculative activity,” he said. This is not the first time Das has spoken against cryptocurrency. Has held the view that private cryptocurrencies are a threat to stability and has been against legalizing its use. A government bill that seeks to ban all private cryptocurrencies in India is yet to be tabled in Parliament. It is not clear whether the government will go ahead with it or not.

Worst year for crypto

The year 2022 has been one of the worst years for Crypto. Bitcoin has lost 60% of its value and the broader crypto market has shrunk to $1.4 trillion this year. This is largely due to rising interest rates, fading risk appetite and corporate downgrades including Sam Bankman-Fried’s FTX. According to data from digital asset manager CoinShares, crypto funds have seen a net inflow of $498 million in 2022, up from $9.1 billion in 2021.

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