Reserve Bank of India (RBI) Governor Shaktikanta Das said during a press conference Thursday that cryptocurrency is a major threat to India’s macroeconomic and financial stability.
Referring to any crypto not backed by the central bank as “private cryptocurrency,” Governor Das was quoted by local media as saying:
"Private cryptocurrency, or whatever name you call, is a big threat to our macroeconomic stability and financial stability."
He also explained that cryptocurrencies with currency-like property will undermine the RBI’s ability to deal with financial and macroeconomic stability issues.
- via News.bitcoin.com
RBI is working on a central bank digital currency (CBDC), the digital rupee. India’s finance minister, Nirmala Sitharaman, announced last week during her budget speech that the digital rupee will be issued in the financial year 2022-23.
Some other countries are also weighing the possible risks of embracing crypto. Change is not really always welcome to everybody.
