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Confusion remains in India on the status of cryptocurrencies where Reserve Bank of India (RBI) Governor, Shaktikanta Das, repeated his concerns that cryptocurrency is a “big threat” to the country’s financial stability.
During a press conference on Thursday, Das reiterated his previous warnings and said that any crypto not backed by the central bank as “private cryptocurrency:”
“Private cryptocurrency, or whatever name you call, is a big threat to our macroeconomic stability and financial stability.”
Stressing that crypto assets undermine the RBI’s ability to take care of financial and macroeconomic stability issues, the governor warned investors about the risks associated with cryptocurrencies.
The central bank governor proceeded to warn investors about the risks of investing in cryptocurrencies. He even went as far as making references to the Dutch tulip bulb market bubble in the 17th century:
“Investors in cryptocurrency should keep in mind that they are investing at their own risk. They should also keep in mind that the cryptocurrency has no underlying, not even a tulip.”
Last week, India’s economic affairs secretary, Dr. Ajay Seth, told the press that clarity on regulation is still some way out and should not be expected until the G20 meeting on October 20 of this year.